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
Germany's foreign minister visits Kyiv as Ukraine battles to hold off a Russian offensive
KYIV, Ukraine (AP) — Germany’s foreign minister arrived in Kyiv on Tuesday in the latest public disp2024-05-21Floyd Mayweather gifts $30k to homeless men before Clippers
Floyd Mayweather has reportedly gifted $30,000 to a group of homeless men prior to being spotted cou2024-05-21Hannah Waddingham looks effortlessly stylish in tan trousers as she goes shopping in New York City
Hannah Waddingham looked effortlessly chic on Thursday as she went shopping in Soho, New York City.T2024-05-21Cambodia's Supreme Court upholds the 2
PHNOM PENH, Cambodia (AP) — Cambodia’s Supreme Court on Friday upheld the two-year prison sentence o2024-05-21A warrant for Netanyahu’s arrest was requested. But no decision was made about whether to issue it
CLAIM: The International Criminal Court issued an arrest warrant for Israeli Prime Minister Benjamin2024-05-21Berlin’s government offers to give away villa once owned by Nazi propagandist Joseph Goebbels
BERLIN (AP) — Berlin’s government is offering to give away a villa once owned by Adolf Hitler’s prop2024-05-21
atest comment