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May 24, 2021, 12:47 p.m. EDT

J.P. Morgan Chase rating outlook bumped up to 'positive'

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By Tomi Kilgore

J.P. Morgan Chase & Co. /zigman2/quotes/205971034/composite JPM -0.19% rose 0.6% in midday trading Monday, to outperform its peer group but underperform the broader stock market, after Standard & Poor's revised up its outlook on the banking giant's credit rating to "positive" from "stable." The credit rating agency also affirmed A- long-term rating for the holding company and the A+ long-term rating for the operating company. "The positive outlook and ratings affirmation reflect our view that JPM, the largest U.S. bank by assets, has further added to its leading market shares across its diverse franchise while demonstrating superior resilience to the economic fallout from the COVID-19 pandemic," S&P said. The ratings agency said it also believes the bank's creditworthiness has benefited "disproportionately" from secular trends in the banking sector, including business consolidation, technological advancement and regulation. The stock's gain Monday comes as the SPDR Financial Select Sector ETF edged up 0.4%, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +0.68% rallied 164 points, or 0.6%, and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.01% climbed 1.0%. Meanwhile, the yield on the 10-year Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y 0.00% fell 2.4 basis points to 1.608%.

/zigman2/quotes/205971034/composite
US : U.S.: NYSE
$ 150.64
-0.29 -0.19%
Volume: 9.67M
July 23, 2021 4:00p
P/E Ratio
10.05
Dividend Yield
2.39%
Market Cap
$456.04 billion
Rev. per Employee
$492,730
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
35,061.55
+238.20 +0.68%
Volume: 315.06M
July 23, 2021 5:16p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,411.79
+44.31 +1.01%
Volume: 1.78B
July 23, 2021 5:16p
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/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
1.28
0.00 0.00%
Volume: 0.00
July 23, 2021 4:57p
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