Business News

Big Banks Start Reporting

JPMorgan Chase, the nation’s largest bank by assets, posted first quarter profits that fell 6.7% to $5.5 billion. Revenue dropped 3% to $24.1 billion. Sluggish action in its investment banking and asset management businesses attributed to the revenue decline. The bank raised their loan loss reserves for the first time in years in response to souring loans to troubled oil and gas companies. Community banking, its largest business unit, reported a 4% revenue increase. (USA Today)

Rail carrier CSX had first-quarter profit of $356 million. That was on revenue of $2.62 billion. The results missed expectations. (AP)

About 40,000 Verizon landline workers went on strike saying there has not been much progress in negotiations for a new contract. The old contract expired almost eight months ago. (CNBC)

The federal government program to kill the coal industry is working. Peabody Energy has filed for bankruptcy protection, in the wake of a sharp fall in coal prices. (Reuters)

Wal-Mart has expanded its free curbside grocery pickup service to eight new cities this month.  That brings the total to 30 cities and about 200 stores. Wal-Mart plans future expansion. (CNBC)

Oil is down 58 cents at $41.59 a barrel. U.S. oil closed at 2016 highs yesterday. (Reuters)

Gold is down $17 at $1244 a Troy ounce.

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Troy Reinhart.

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