Wall Street sees major jump in profits, helped by soaring stock prices and deal making

NEW YORK (AP) — Wall Street had one of its most profitable quarters ever, if the earnings from four of nation’s biggest banks that reported Tuesday are to be believed; as the companies were helped by a flurry of deal making, soaring stock prices and a global economy that remains resilient despite tariffs and geopolitical upheaval.

Despite the strong earnings from JPMorgan Chase, Citigroup, Wells Fargo and Goldman Sachs, bank executives expressed various degrees of caution about the markets and the economy, including worries that asset prices in some markets have gotten overinflated.

“While there have been some signs of a softening, particularly in job growth, the U.S. economy generally remained resilient,” said Jamie Dimon, chairman and CEO of JPMorgan Chase, in prepared remarks.

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