us stocks drop as greece fears override bank results
Last Updated : GMT 03:09:26
Arab Today, arab today
Arab Today, arab today

US stocks drop as Greece fears override bank results

Arab Today, arab today

Arab Today, arab today US stocks drop as Greece fears override bank results

Traders work on floor of New York Stock Exchange during afternoon
New York - AFP

Large US banks bested earnings expectations this week, but stocks still lost ground due to worries about high equity valuations and the Greek debt crisis.

US stocks looked headed for another week of gains before deep losses Friday pushed the market into the red.

For the week, the Dow Jones Industrial Average fell 231.35 points (1.28 percent) to 17,826.30.

The broad-based S&P 500 declined 20.88 (0.99 percent) to 2,081.18, while the tech-rich Nasdaq Composite Index dropped 64.17 (1.28 percent) to 4,931.81.

Art Hogan, chief market strategist at Wunderlich Securities, said investor sentiment is "cautious," in part because stocks are still so fully valued.

"Sentiment probably gets better at lower" valuations, he said.

Earnings have so far been "better than very low expectations," Hogan said. "Next week, we'll have a much better read of a broader swath of corporate America."

Among the large banks, standouts included JPMorgan Chase, which rode strong gains in investment banking and trading to net income of $5.9 billion in the first quarter, an increase of 12.2 percent from a year ago.

"We have an outstanding franchise which is getting safer and stronger, and is gaining market share over time," said JPMorgan chief executive Jamie Dimon, implicitly rebutting calls from politicians and some financial analysts to break up the largest US bank by assets.

Goldman Sachs also wracked up strong results, with profits rising 40 percent from the 2014 first quarter, to $2.7 billion. Bank of America returned to profitability after a loss in the year-ago period, while Wells Fargo's profits edged lower but bested analyst forecasts.

However, Hogan said investors remain jittery about the strong dollar, as evidenced by American Express, which cited the strong greenback as a drag on results.

Investors are also gearing up for painful results from energy companies hit by crashing oil prices, he added.

Earnings from energy companies in the S&P 500 are projected to fall 65.6 percent, with profits falling 2.6 percent for the index as a whole, according to S&P Capital IQ.

Some of the week's most important economic data showed improvement in the US, but not by as much as expected.

US retail sales rebounded in March from a three-month slump, rising 0.9 percent. New construction of homes in the United States rose 2.0 percent to an annual rate of 926,000 units, missing estimates.

- Greece fears return -

The week's biggest move in stocks came Friday, with the Dow slumping 1.54 percent as uncertainty about Greece roiled European markets and dominated the International Monetary Fund and World Bank spring meetings in Washington.

Negotiations between Greece and international creditors will resume Saturday in Brussels on reform requirements Athens needs to meet to receive its last payment of its bailout funds, the European Union said.

Late Friday, US Treasury Secretary Jacob Lew called for parties to reach agreement.

"Not reaching agreement would create immediate hardship for Greece, and uncertainties for Europe and the global economy more broadly," Lew said.

Next week's agenda includes a flood of earnings reports, including from Boeing, Verizon, Lockheed Martin, Caterpillar, Microsoft and Google.

Interest will be especially high in multinationals that sell consumer products. Companies like Coca-Cola, McDonald's, Procter & Gamble and Kimberly-Clark will be scrutinized for signs of a drag from the strong dollar.

Economic reports next week include March data on sales of new and existing-homes and durable goods orders.

arabstoday
arabstoday

GMT 03:39 2017 Friday ,24 November

European markets wobble amid US Thanksgiving holiday

GMT 22:09 2017 Thursday ,23 November

Bahrain Bourse daily trading performance

GMT 02:02 2017 Thursday ,23 November

Asian markets rally after Wall St lead, euro struggles

GMT 22:40 2017 Wednesday ,22 November

Bahrain Bourse daily trading performance

GMT 11:50 2017 Tuesday ,21 November

European stocks shrug off Germany's political woes

GMT 03:59 2017 Tuesday ,21 November

Weekly inflation decreases by 0.88%

GMT 23:50 2017 Monday ,20 November

Bahrain Bourse daily trading performance

GMT 14:54 2017 Sunday ,19 November

Bahrain Bourse daily trading performance
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us stocks drop as greece fears override bank results us stocks drop as greece fears override bank results

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

us stocks drop as greece fears override bank results us stocks drop as greece fears override bank results

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today 'Trash islands' off Central America indicate

GMT 20:19 2017 Friday ,24 November

'Trash islands' off Central America indicate
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Solaf happy for participating in “Hotline”

GMT 07:56 2017 Wednesday ,22 November

Solaf happy for participating in “Hotline”
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday