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Strong earnings from these banks bode well for the stock market

Big beat for Goldman Sachs

What's good for banks is good for the stock market.

Earnings from the financials dominate the early part of earnings season, setting the pace for the rest of the period, and so far it looks pretty good. The big banks that have reported so far have largely exceeded the Street's forecast, with trading revenue, loan growth and interest income among the highlights.

Last Friday, JPMorgan Chase was one of the first of the big banks out of the gate with earnings. The largest U.S. bank by assets reported earnings per share of $1.58 on revenues of $25.51 billion, topping estimates by 19 cents per share and revenue by more than $1.5 billion.

Working with analytics firm Kensho, CNBC ran a screen looking at how the markets performed two weeks after JPMorgan beat earnings per share estimates by at least 18 cents.