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Wall Street has Worst Week
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Wall Street has Worst Week
U.S. stocks tumbled Friday following a mixed start to the 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 previous record set.
JPMorgan Chase was one of the heaviest weights on the market and sank 6.5% despite reporting more substantial profit for the first three months of the year than analysts expected. The nation’s largest bank gave a forecast for a critical source of income this year that fell below Wall Street’s estimate, calling for only modest growth.
Companies are always under pressure to produce fatter profits, but the pressure is 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.
apnews.com
Big banks warn of uncertain year ahead after mixed financial performances in the first quarter
Big banks warned of an uncertain year ahead after mixed financial results during the first quarter in an environment of stubbornly high inflation and geopolitical clashes in Europe, the Middle East and elsewhere.
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