Swings and roundabouts

摘要

AMERICA'S FINANCIAL markets made a stunning start to 2019. The s&p 500 stockmarket index climbed by 13.1% in the first quarter, its best beginning since 1998. But that was little use to Wall Street banks. Trading revenues depend on volumes, not prices. Quarterly earnings, reported in recent days, have confirmed that they were markedly lower than a year earlier. Never mind. The retail divisions of America's mightiest banks did well enough to boost profits overall. The giants' retail heft is likely to keep serving them well.