JPMorgan shares jump after record trading revenue drives stronger-than-expected second quarter

They Made Money from TRADING STOCK AND BONDS, EVERYONE IS BUYING STOCKS. That's how they beat estimates
Here’s how JPMorgan did: Earnings of $1.38 a share, exceeding the $1.04 per share estimate of analysts surveyed by Refinitiv.
Revenue of $33 billion, compared with the $30.3 billion estimate.
Trading revenue surged 79% to a record $9.7 billion as bond and equities trading exceeded expectations.
Bond traders posted revenue of $7.3 billion, a 120% increase from a year earlier, crushing the $5.84 billion estimate by almost $1.5 billion. Equities traders posted revenue of $2.4 billion, beating the $2.07 billion estimate.
“Despite some recent positive macroeconomic data and significant, decisive government action, we still face much uncertainty regarding the future path of the economy,” CEO Jamie Dimon said.
JPMorgan Chase on Tuesday reported second-quarter profit that beat analysts’ expectations on record trading revenue bolstered by surging volatility and the Federal Reserve’s unprecedented actions to prop up credit markets.
JPMorgan, the biggest U.S. bank by assets, is the first major lender to report earnings for the period that ended in June. The company is closely watched for clues on how the coronavirus pandemic is impacting banks’ retail and institutional businesses. While the company set aside $8.9 billion for expected loan losses across the firm, crimping results in the lender’s giant retail bank, better-than-expected revenue in the firm’s Wall Street operations helped offset some of that pain.
CNBC