Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

In an annual letter to shareholders, J.P. Morgan Chase & Cos Chief Executive Officer Jamie Dimon said that US economic growth was being hampered by bad mortgage rules and also spoke in favor of swift reforms.

J.P. Morgan Chase shares closed higher for a sixth consecutive trading session in New York on Thursday. The stock edged up 0.20% ($0.21) to $105.56, after touching an intraday low at $104.45, or a price level not seen since April 2nd ($104.33).

Shares of J.P. Morgan Chase & Co have risen 8.13% so far in 2019 compared with a 14.86% gain for the benchmark index, S&P 500 (SPX).

In 2018, J.P. Morgan’s stock retreated 8.72%, thus, it again underperformed the S&P 500, which registered a 6.24% loss.

According to Dimon, the involvement of multiple regulatory authorities along with more intense political intervention were factors obstructing the necessary mortgage lending reforms.

“This has become a critical issue and one reason why banks have been moving away from significant parts of the mortgage business,” Dimon noted in the letter, cited by Reuters.

“The country desperately needs mortgage reform — it would add to America’s economic growth,” he wrote.

Meanwhile, first-quarter net interest income is expected to remain unchanged in comparison with the preceding three-month period. The Wall Street bank is expected to report first-quarter results on April 12th.

According to CNN Money, the 25 analysts, offering 12-month forecasts regarding J.P. Morgan Chase & Co’s stock price, have a median target of $115.00, with a high estimate of $140.00 and a low estimate of $85.00. The median estimate represents an 8.94% upside compared to the closing price of $105.56 on April 4th.

The same media also reported that 15 out of 30 surveyed investment analysts had rated J.P. Morgan Chase & Co’s stock as “Hold”, while 13 – as “Buy”. On the other hand, 1 analyst had recommended selling the stock.

Weekly Pivot Levels

By using the traditional method of calculation, the weekly levels of importance for J.P. Morgan Chase & Co (JPM) are presented as follows:

Central Pivot Point – $100.44
R1 – $102.78
R2 – $104.34
R3 – $106.68
R4 – $109.03

S1 – $98.88
S2 – $96.54
S3 – $94.98
S4 – $93.43

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Forex Market: GBP/USD daily trading outlookForex Market: GBP/USD daily trading outlook Friday’s trade saw GBP/USD within the range of 1.4504-1.4647. The pair closed at 1.4520, falling 0.67% on a daily basis. It has been the eighth drop in the past nine trading days and also a sixth consecutive one. The daily low has been the […]
  • Forex Market: EUR/USD daily forecastForex Market: EUR/USD daily forecast During Friday’s trading session EUR/USD traded within the range of 1.3585-1.3612 and closed at 1.3595.At 6:23 GMT today EUR/USD was losing 0.12% for the day to trade at 1.3578. The pair touched a daily low at 1.3576 at 6:10 GMT, breaching […]
  • Forex Market: USD/MXN daily forecastForex Market: USD/MXN daily forecast During Friday’s trading session USD/MXN traded within the range of 12.9393-13.0062 and closed at 12.9468.At 9:51 GMT today USD/MXN was losing 0.01% for the day to trade at 12.9460. The pair touched a daily low at 12.9424 at 9:42 […]
  • Commodity Market: US Crude Oil eases from a 47-week peak in spite of larger US oil inventory drop, rising Chinese oil importsCommodity Market: US Crude Oil eases from a 47-week peak in spite of larger US oil inventory drop, rising Chinese oil imports Futures on US West Texas Intermediate Crude Oil eased from a fresh 47-week high on Thursday, despite that China's customs data revealed a rise in crude oil imports and crude oil stocks in the US dropped more than anticipated last week, as […]
  • Apple Inc.’s share price up, reveals a 50% increase in its App Store sales over 2014Apple Inc.’s share price up, reveals a 50% increase in its App Store sales over 2014 Apple Inc. said that its customers spent almost $15 billion to purchase applications for their iPhones and iPhads last year. The companys revenue increased by the record 50% in 2014 in comparison with the prior year.The senior […]
  • GBP/USD near two-week highsGBP/USD near two-week highs British pound edged higher versus the US dollar on Monday, trading close to two-week highs, after UK Prime Minister David Cameron said an improvement in the economy may allow the government to lower taxes, while the Group of 20 nations […]