Wall Street rally pauses as tepid bank earnings, media stocks weigh

Cash equities, underwriting help Citi to Q3 earnings beat

Investment banking gains drives Citi's quarterly results

Executives at the largest US bank touted the diverse mix of businesses that allow JPMorgan to weather a dip in one area or another, and downplayed a 27 percent drop in bond trading revenue even though weakness has continued into the fourth quarter. Total revenue, meanwhile, rose about 2 percent to $18.17 billion, topping expectations of $17.90 billion helped in part by an increase in fees earned on share sales at Citi's investment bank and a jump in equity trading.Overall, however, trading dropped 11 percent, dragged under by Citi's large fixed income division.Wall Street banks have seen major declines in bond trading activity, which was boosted a year ago on global macroeconomic uncertainty, especially around Brexit and the USA presidential election.

JPMorgan Chase & Co and Citigroup Inc on Thursday said they had set aside more money for credit card lending losses in the third quarter, stoking concerns about consumer indebtedness and overshadowing profits that topped analyst estimates.

Shares of Bank of America and Wells Fargo, which are both slated to report their latest earnings on Friday, also declined, down 1.4 percent and 0.7 percent respectively.

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USA stocks closed lower on Thursday as Wall Street digested earnings from some of the top financial companies.

"The results were solid but not exceptional", Morningstar analyst Jim Sinegal said about JPMorgan Chase, according to Reuters.

The S&P 500 declined 0.2 percent to 2,550.93 after reaching an all-time high earlier in the session. Annualized return on equity was 7.3 percent.

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However, markets revenue fell 21 percent as the slump in bond trading outweighed a more modest dip in equities, slightly worse than the roughly 20 percent drop Chief Executive Jamie Dimon had forecast at an event in September. The Labor Department said US producer prices rose 0.4 percent last month and 2.6 percent in the 12 months through September. While bond trading was down 16 percent, stock trading was up 16 percent and security services were up 12 percent. Citigroup's shares have had a strong run-up this year, climbing 26 percent partly due to its share buyback plan. U.S. The trends bode poorly for Goldman Sachs Group Inc GS.N , which has struggled more in bond trading recently than other Wall Street banks.

"There has been much optimism baked into the market" on bank earnings, said Lindsey Bell, investment strategist at CFRA Research, who suggested in a note that shareholders hold or trim bank stocks. "We had revenue increases in numerous products we have been investing in, tightly managed our expenses, and again saw loan growth in both our consumer and institutional businesses".

Energy stocks declined with the price of oil amid concern about increased United States production at a time the world's major oil producers are trying to curb output.

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