Arab Today, arab today us stocks sink on weak retail sales bank earnings
Last Updated : GMT 06:58:51
Arab Today, arab today
Arab Today, arab today

US stocks sink on weak retail sales, bank earnings

Arab Today, arab today

Arab Today, arab today US stocks sink on weak retail sales, bank earnings

Wall Street stocks
New York - AFP

Wall Street stocks fell sharply in early trade Wednesday following a disappointing US retail sales report and lackluster earnings from large banks.
About 35 minutes into trade, the Dow Jones Industrial Average stood at 17,406.54, down 207.14 points (1.18 percent).
The broad-based S&P 500 tumbled 18.11 (0.90 percent) to 2,004.92, while the tech-rich Nasdaq Composite Index shed 22.63 (0.49 percent) at 4,638.87
US retail sales fell a steep 0.9 percent in December from the prior month, suggesting weakness in consumer spending during the critical holiday-shopping season.
The December drop surprised analysts, who on average had penciled in a modest 0.1 percent increase.
Dow member JPMorgan Chase dived 4.3 percent after reporting a 6.6 percent drop in fourth-quarter earnings to $4.9 billion following $1 billion in legal expenses. The results fell short of expectations.
Wells Fargo dipped 0.6 percent after notching earnings of $1.02 per share, matching expectations.
The Wall Street sell-off extended a three-session losing streak.
"The market action reflects an underlying nervousness," said Briefing.com. "It certainly isn't panic, but the fragile conditions may continue through the early part of earnings season."
General Motors fell 2.5 percent after it said it spent nearly $2 billion for recalls and victims' compensation in 2014. The biggest US automaker projected improved earnings and margins in 2015 behind "modest" growth in overall auto sales worldwide.
Electric-car maker Tesla Motors sank 5.5 percent after founder and chief executive Elon Musk acknowledged lower fuel costs threaten the electric car industry and said the company probably will not be profitable until 2020.
Metals producers suffered as copper prices fell sharply. Freeport-McMoran slumped 10.5 percent, while Southern Copper lost 8.2  percent.  
Retail stocks retreated, including Dow member Wal-Mart Stores (-1.3 percent), Target (-1.7 percent) and TJX (-1.2 percent), owner of Marshall's and other discount chains.
Large banks fell. Citigroup lost 2.8 percent, while Dow member Goldman Sachs fell 1.9 percent. Both report earnings later this week.
Bond prices advanced. The yield on the 10-year US Treasury fell to 1.82 percent from 1.90 percent Tuesday, while the 30-year fell to 2.43 percent from 2.50 percent. Bond prices and yields move inversely.

 

arabstoday
arabstoday

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*

Arab Today, arab today us stocks sink on weak retail sales bank earnings Arab Today, arab today us stocks sink on weak retail sales bank earnings

 



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*

Arab Today, arab today us stocks sink on weak retail sales bank earnings Arab Today, arab today us stocks sink on weak retail sales bank earnings

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism

GMT 17:28 2017 Thursday ,18 May

Saudi stocks rise in heavy trading

GMT 21:37 2017 Wednesday ,17 May

US Stocks Close Mixed

GMT 04:58 2017 Wednesday ,17 May

Tadawul index gains 0.7%

GMT 06:20 2017 Tuesday ,16 May

Tadawul index climbs 0.6%

GMT 13:43 2017 Monday ,15 May

Oman share index declines marginally
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
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