JP Morgan is set to close at record highs on Monday after a historic stock market rally in recent weeks.
The bank is expected to report earnings that beat analysts’ estimates and put it on track to hit a record $2.45 billion in profit for the year, a record in financial terms.
The Wall Street Journal reported on Friday that the bank was close to breaking the $2 billion mark in revenue, as it posted the biggest profit increase since 2010, thanks to an all-time high in profits from its mortgage and consumer lending businesses.
The bank has also been selling more mortgage-backed securities to raise cash.
Shares of the bank are trading at about $2,800 per share, a level not seen since 2009.
The stock market is currently trading at $14.27.
JP Morgan also announced a record dividend of $1.2 billion for shareholders on Friday, which is the second-largest dividend ever paid.
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