Stock market today: Wall Street falls sharply to close out its worst week since October
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
- Children play at a camp in the southern Gaza Strip city of Khan Younis, April 5, 2024. [Photo/Xinhua2024-04-30
Xi's visit before Spring Festival touches hearts
Visit: President's high regard for people's livelihoods hailedAs the Chinese people prepare for fami2024-04-30China, Switzerland aim for updated FTA
China and Switzerland expressed willingness on Wednesday to officially launch negotiations on upgrad2024-04-30Huawei teams up with Ethiopian telecom companies for green energy solutions
ADDIS ABABA, April 13 (Xinhua) -- Chinese telecom company Huawei is partnering with its Ethiopian pe2024-04-30Vicky McClure cuts a stylish figure in a red velvet suit as she and co
Vicky McClure and her co-star Tom Cullen led the star-studded arrivals at the screening for their Pa2024-04-30More efforts called on to energize consumption
A pedestrian walks past the People's Bank of China, the country's central bank, in Beijing on May 222024-04-30
atest comment