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
Kate Hudson hits the stage to debut songs from her new album Glorious at star
Kate Hudson looked like a pro as she performed songs from her new album Glorious for the first time.2024-05-22Eurovision 2024 odds: Who are the favourites to win this year's Eurovision Song Contest?
The Eurovision final set to kick off on Saturday night and bookies think they already know who the w2024-05-22Vermont Legislature adjourns session focused on property taxes, housing, climate change
MONTPELIER, Vt. (AP) — The Vermont Legislature adjourned early Saturday, ending a session focused on2024-05-22The 49ers are counting on new defensive coordinator Nick Sorensen to get the unit back to dominance
SANTA CLARA, Calif. (AP) — The San Francisco 49ers’ experiment of bringing in a defensive coordinato2024-05-22The unstoppable duo of Emma Stone and Yorgos Lanthimos
CANNES, France (AP) — Before a journalist has even lobbed a question, Emma Stone and Yorgos Lanthimo2024-05-22Jermain Defoe, 41, and midriff
Jermain Defoe and his girlfriend Alisha LeMay soaked up the sun during a low-key outing in London on2024-05-22
atest comment