Loading ...There’s no law that says it has to stop,” Dimon said about U.S. prosperity during a Friday call
Think of it as the Dimon rally. Stocks were posting a healthy jump on Friday that has helped to erase weekly losses for the S&P 500 and the Nasdaq, and brought all of the major U.S. stock benchmarks within shouting distance of all-time peaks.
The rally comes as corporate results from bellwethers of the banking sector produced rosier-than-expected performance figures in the first three months of the year, kicking off an earnings season that has many Wall Street participants bracing for less-than-stellar reports from U.S. companies amid signs of an economic slowdown here and abroad.
However, JPMorgan & Co. JPM, -1.28% Chief Executive Jamie Dimon may have provided at least some added support to market sentiment, if his bank’s results didn’t already, with his comments on Friday about the state of the economy: “There’s no law that says it has to stop,” Dimon said about U.S. prosperity during a Friday call to discuss quarterly results with analysts.
“So you can just easily – it can go on for years,” he said.
Of course, the bank CEO said the unresolved trade dispute between the world’s largest economies — China and the U.S. — could pose a threat, but suggested that the current sanguine phase for the market — in its 10th year of a bull run — could continue for another decade.