Home / Business / Jamie Dimon says JPMorgan is a “very valuable company” at these awards

Jamie Dimon says JPMorgan is a “very valuable company” at these awards

JPMorgan Chase shares rose Tuesday after CEO Jamie Dimon called the largest US bank “very valuable” at the current price.

“I think JPMorgan is a very valuable company at these prices,” Dimon said in response to a question at a financial services conference on the New York-based bank’s valuation and possible scenarios for the US economy.

JPMorgan shares rose 7.9% to $ 96.58 after Dimon made comments.

The context for the issue: Dimon bought $ 26 million in JPMorgan shares in February 201

6, a confidence-boosting step that later proved to be near the bottom of the stock market at that time.

“I’m not trying to predict the bottom,” Dimon said, adding that “you can’t be a bank and be immune to what’s happening in the world out there.” JPMorgan has said that its results, compared with a record 2019, would hit 2020 when credit losses climbed amid the coronavirus pandemic.

Dimon added that he was hopeful that his “base case” for the economy would occur, which would include improving unemployment and other metrics in the second half after hitting nearly 20% in the second quarter.

“I’m giving it some pretty good odds,” Dimon said. “The government has been very responsive, the Federal Reserve has been very responsive. Big corporations have a tremendous context, hopefully we will keep the little ones alive long enough for most of them to return to business.”

While Dimon said the bank was prepared for a longer malaise caused by coronavirus, he was hopeful that reopening efforts around the country would work. That sentiment was in line with broader optimism on Tuesday about the economy, which helped lift the S&P 500 above its 200-day moving average.

“You could see a pretty quick recovery,” he said. “I think it has a good chance.”

Dimon said that the Federal Reserve’s never-before-seen measures to support financial markets were like “water that fills all the cracks.”

I think liquidity is lifting, it is almost impossible to measure, the stock market and all asset prices, ”he said.

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