JPMorgan and Bank of America beat earnings estimates for the end of the year thanks to the post-election stock market rally that helped boost trading income.

  • Bank of America 4Q earnings topped expectations as profits rose 43%. Cuts in expenses helped the top line though as total revenues fell short of expectations.
  • JP Morgan profit rose 24%. CEO Jamie Dimon highlighted the economy's "building momentum"

Wells Fargo was the morning's outlier. It missed estimates as customers were scared away following news the bank's employees had fraudulently opened accounts for customers to boost sales bonuses.

Looking ahead: Rising interest rates will be good for bank income and investors, who have boosted bank stocks 17% since the election and are also counting on bank-friendly changes to regulation.

Go deeper

Caitlin Owens, author of Vitals
30 mins ago - Health

The coronavirus is starting to crush some hospitals

Illustration: Aïda Amer/Axios

Some states are seeing dangerous levels of coronavirus hospitalizations, with hospitals warning that they could soon become overwhelmed if no action is taken to slow the spread.

Why it matters: Patients can only receive good care if there's enough care to go around — which is one reason why the death rate was so much higher in the spring, some experts say.

Scoop: The Lincoln Project is becoming a media business

Illustration: Eniola Odetunde/Axios

The Lincoln Project is looking to beef up its media business after the election, sources tell Axios.

Driving the news: The group recently signed with the United Talent Agency (UTA) to help build out Lincoln Media and is weighing offers from different television studios, podcast networks and book publishers.

Trump, Biden strategies revealed in final ad push

Data: Bully Pulpit Interactive; Chart: Danielle Alberti/Axios

President Trump is pouring hundreds of thousands of dollars into Facebook ads on the Supreme Court and conservative judges in the final stretch of his campaign, while Joe Biden is spending over a million on voter mobilization, according to an analysis by Axios using data from Bully Pulpit Interactive.

The big picture: Trump's Facebook ad messaging has fluctuated dramatically in conjunction with the news cycle throughout his campaign, while Biden's messaging has been much more consistent, focusing primarily on health care and the economy.