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
Mystery artist who erected signs comparing pothole
A defiant resident infuriated by the potholes in their road has taken revenge on the council by erec2024-05-21Tardy claims maiden LPGA title at Blue Bay in China
Bailey Tardy of the United States captured her first LPGA title after carding a seven-under 65 at th2024-05-21Messi sustains leg injury in Inter Miami win
Lionel Messi could miss Inter Miami's away Major League Soccer clash against D.C. United on Satu2024-05-21Pressure mounts on CBA to halt hoops slump
With no men's team to cheer for at the Olympic basketball tournament this summer, China's to2024-05-21What a blast to work at NASA. Space agency is sky
WASHINGTON (AP) — Exploring the cosmos makes for happy employees, federal workers like to work from2024-05-21Mom, 28, forced to sell her dream car after forking out $40,000 in INTEREST alone over three years
Three years ago, 28-year-old Blaisey Arnold entered a local auto dealership and came away with the k2024-05-21
atest comment