Big banks post soaring profits

Big banks saw their Q4 earnings surge, with JPMorgan posting a net income rise of 50% compared to a year before. The biggest American bank posted a record full-year profit of $58.5 billion (the largest ever of any bank in the country).

Meanwhile, Goldman Sachs saw its fourth quarter more than double; its Q4 profits jumped 105% as big companies grew optimistic about the economy and forecast a rise in dealmaking with the incoming Trump administration.

Wells Fargo and Citi also reported strong numbers for the fourth quarter.