NEW YORK (AP) — U.S. stocks tumbled Friday following a mixed start to earnings reporting season. Worries about potentially escalating tensions in the Middle East rattled financial markets, pushing investors to look for safer places for their money.
The S&P 500 sank 1.5% to close out its worst week since October, when a huge rally on Wall Street began. The Dow Jones Industrial Average dropped 475 points, or 1.2%, and the Nasdaq composite fell 1.6% from its record set the day before.
JPMorgan Chase was one of the heaviest weights on the market and sank 6.5% despite reporting stronger profit for the first three months of the year than analysts expected. The nation’s largest bank gave a forecast for a key source of income this year that fell below Wall Street’s estimate, calling for only modest growth.
The pressure is always on companies to produce fatter profits. But it’s particularly acute now given worries that the other main lever that sets stock prices, interest rates, may not offer much lift in the near term.
Related articles:
Related suggestion:
Overseas hanfu clubs serve as cultural ambassadorsQuinta Brunson, Niecy NashAncient tomb unveiled: discoveries from Western Zhou DynastyAncient tomb unveiled: discoveries from Western Zhou DynastyMelissa George gives fans a rare glimpse at her newborn baby boy after giving birth at 47At least 37 mothers killed daily in Gaza: medicsChina's tiger and leopard park sees over 35 cubs born in past yearIsraeli airstrike kills 9 Palestinians in Gaza's RafahCPC to implement Party discipline education campaignXi plants trees in Beijing, urging nationwide afforestation efforts for beautiful China
3.4547s , 6497.953125 kb
Copyright © 2024 Powered by Stock market today: Wall Street falls sharply to close out its worst week since October ,Culture Chronicles news portal