Stock market today: Wall Street falls sharply to close out its worst week since October
Time:2024-05-21 11:08:46 Source:sportViews(143)
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.
Previous:Russian theater director and playwright go on trial over a play authorities say justifies terrorism
Next:Elon Musk gets approval from FDA to implant his Neuralink brain chip into a second patient
You may also like
- Kate Hudson hits the stage to debut songs from her new album Glorious at star
- The human foods that could be making your dog fat, revealed
- Pilot reported fire onboard plane carrying fuel, attempted to return to Fairbanks just before crash
- What it's REALLY like to win the Lottery... by a couple who banked £2.2m
- Yu Darvish extends scoreless innings streak to 25 in Padres' 9
- Microsoft and Amazon face scrutiny from UK competition watchdog over recent AI deals
- DEI bans: Conservative quest to limit diversity programs gains momentum
- Poland's prosecutor general says previous government used spyware against hundreds of people
- Kate Hudson hits the stage to debut songs from her new album Glorious at star