JP Morgan stocks down despite positive data

<p>Positive data has not propped up the share price of JP Morgan.</p>

The share price of JP Morgan is down today (April 11th) despite the bank announcing that it has made a record quarterly profit in its broadly positive financial results.

It was revealed by the company that it made first quarter profits of $6.5 billion (£4.2 billion) and has seen signs the US economy is getting stronger.

Jamie Dimon, chairman and chief executive of the bank, stated all parts of the business have been performing well in the first three months of the year.

"We are seeing positive signs that the economy is healthy and getting stronger. Housing prices continued to improve and new home purchases are also starting to come back," he said in a statement.

But despite the fact JP Morgan seems to be going from strength to strength, investors have shied away from the bank today.

Its share price was recorded at 16:00 BST as having fallen by 0.73 points and its stocks had dropped below the 49 point mark.

Find out about commodities trading and learn CFD strategies at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.