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From April 11 to 12, within a two-day span, the Dow Jones experienced a recovery from 26,062 points to 26,412 points, by 1.34 percent.

Throughout early April, the Dow Jones had struggled to show momentum above the mid-25,000-point level, possibly due to the lack of clear stimuli for short-term growth and the uncertainty surrounding the trade talks between the U.S. and China.

As said by Thomas Lee, head of research at Fundstrat Global Advisors, the U.S. economy may be in better shape than most investors expect, considering that JPMorgan, the largest bank in the U.S., recorded a profit in the first quarter of 2019.

The U.S. Economy is Fine, Is a Bright Future Ahead For the Dow?

According to the WSJ, JPMorgan executives cited strong lending, a solid economy, growing confidence of business clients, and healthy credit card spending as the driver of an optimistic quarter for banks.

On a conference call, JPMorgan Chief Financial Officer Marianne Lake said, “those underlying drivers continue to chug along nicely.”

Fort Pitt Capital Group institutional development director Carter Henderson emphasized that the performance of the first quarter of 2019 beat the expectations of the banks.

“It was a better-than-expected quarter for the banks, which was encouraging to see. But I think that’s as good as it’s going to get for these big banks this year because in the first quarter they were still getting that tailwind from the last Fed hike in December,” Henderson noted.

The increase in lending and overall consumer confidence in the U.S. most likely stems from the lack of appetite of the Federal Reserve to raise the benchmark interest rate until the year’s end.

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