NYSE:AMP - New York Stock Exchange, Inc. - US03076C1062 - Common Stock - Currency: USD
Wall Street is struggling to find risk-on momentum, with major indexes stuck near the flatline at midday as investors assess the latest earnings reports from mega-cap tech stocks and weaker-than-expected U.S.
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Ameriprise Financial reported a 24% rise in fourth-quarter profit on Wednesday, driven by a higher fee income as the value of its clients' assets increased due to a market rally. The U.S. markets rallied on Federal Reserve's interest rate cuts and they were further boosted by business-friendly comments from President Donald Trump, who is expected to ease regulations. Ameriprise's assets under management and administration came in at $1.52 trillion in the quarter, a 10% jump from last year.
The stock market faces its first major test of the year in the coming week, with investors counting on the U.S. jobs report to show a stable but not overheated economy that underpins expectations for equity gains in 2025. Prospects for a third straight standout year hinge in part on the strength of the economy, with labor market data among the most important reads into the economy's health. "Investors are going to want to see confirmation that labor trends remain solid, which means the economic outlook probably remains firm," said Anthony Saglimbene, chief market strategist at Ameriprise Financial.