Wall Street's big harvest! The U.S. election gives rise to a trading frenzy, with JPMorgan Chase's Q4 profits soaring by 50%.

Thanks to market volatility triggered by the November US election last year, traders at JPMorgan (JPM.US) made a lot of money. The largest bank in the US announced on Wednesday that its net profit for the fourth quarter was $14 billion, an increase of 50% from the same period the previous year's $9.3 billion; earnings per share were $4.81, up from $3.04 in the same period last year. JPMorgan's fourth quarter trading revenue increased by 21% year-on-year to $7.05 billion. Fixed income revenue increased by 20% year-on-year, and stock trading revenue increased by 22%. Market optimism predicts that trading revenue for the top five US banks in the fourth quarter of 2024 will increase by 15% to $24.5 billion, reaching the highest level for the same period in at least five years. Investor bets on the US election and the policies of the Trump administration have boosted the performance of these banks. The financial report also showed that JPMorgan's investment banking revenue in the fourth quarter increased by 49% to $2.48 billion. Both advisory and equity underwriting revenues exceeded expectations, but bond underwriting revenue was below expectations. Net interest income in the fourth quarter decreased by 3% to $23.4 billion, which was still better than market expectations. JPMorgan expects net interest income for this year to reach around $94 billion, higher than analysts' previous expectations of $89.8 billion. According to the financial report, JPMorgan's profit in 2024 increased from $49.6 billion a year ago to a record $58.5 billion. JPMorgan CEO Jamie Dimon said in a statement on Wednesday that thanks to low unemployment and healthy consumer spending, "the US economy has shown resilience. However, two major risks still exist. Current and future spending demand could lead to inflation, so inflation could persist for some time. In addition, the political situation with GEO Group Inc remains the most dangerous and complex since World War II." In addition to JPMorgan, large banks such as Goldman Sachs Group, Inc., Citigroup, and Wells Fargo & Company also reported their earnings on Wednesday. Investors are most concerned about the impact of Fed rate cuts and the US election on trading, as well as executives' views on interest rates and trading prospects. After the financial report was released, JPMorgan's stock rose by 2.2% in pre-market trading. The stock has gained 46% in the past 12 months.