The Dow Jones Industrial Average slid on Friday as big banks reported their quarterly earnings. However, Dogecoin soared after Tesla CEO Elon Musk said he was “working with Doge developers to improve system transaction efficiency.”
The Dow fell 0.4% as earnings season got underway. JPMorgan Chase, Wells Fargo, and Citigroup all reported their results before the bell. JPMorgan Chase reported earnings and revenue that beat expectations, while Wells Fargo’s results fell short of estimates. Citigroup’s results were in line with expectations.
The banks’ results come as the Federal Reserve is keeping interest rates near zero and has been pumping money into the financial system to help it recover from the pandemic.
Meanwhile, Dogecoin surged after Musk tweeted that he was “working with #Doge developers to improve system transaction efficiency.” The cryptocurrency was last up over 20% at $0.058.
Musk has been a big proponent of Dogecoin, and his tweets have helped send the cryptocurrency’s price higher in the past.