Stocks Open Lower as Bank Earnings Start

U.S. stocks opened lower on Wednesday despite strong bank results on concerns about global economic growth.  The Dow Jones Industrial Average lately lost 63.09 points, or 0.47%, to 13,471.80. The S&P 500 index retreated 3.10 points, or 0.21%, to 1,469.24. The Nasdaq Composite was up 0.81 point, or 0.03%, to 3,111.59.

J.P. Morgan Chase & Co. (NYSE:JPM) said Wednesday its fourth-quarter profit increased by 53% to $5.69 billion, or $1.39 a share, from $3.73 billion, or 90 cents a share, in the year-ago period. Total net revenue at the financial services firm, increased by 10% to $23.65 billion. On a managed basis, revenue rose 10% to $24.38 billion. 

Goldman Sachs Group Inc.’s (NYSE:GS) fourth-quarter profit surged as the bank recorded strong results from debt and equity underwriting, while financial advisory revenue also climbed. Overall, the investment banking arm recorded revenue of $1.41 billion, up from $857 million a year ago and $1.16 billion in the third quarter.

U.S. factory production rose in December for the second straight month, buoyed by more output of autos, electronics and business equipment. The Federal Reserve said Wednesday that factory output increased 0.8 percent last month compared with November. Total industrial production increased 0.3 percent in December from November.

Walmart, the nation’s largest retailer, gave its suppliers an added incentive, announcing that it would increase sourcing of American-made products by $50 billion over the next 10 years.