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Wall Street ends in red

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Published on Jan 10, 2020 at 10:14 PM |
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NEW YORK (AFN) – The US stock exchanges ended on Friday with price losses. Earlier in the day, the Dow-Jones index broke through the 29,000 point mark for the first time, but the price soon dropped again. A disappointing job report and new American sanctions on Iran put pressure on sentiment.

The Dow-Jones index closed 0.5 percent lower at 28,823.77 points. The broad-based S&P 500 lost 0.3 percent to 3265.35 points and the tech fair Nasdaq also lost 0.3 percent to 9178.86 points.

Boeing fell 1.9 percent after the company released internal communication. Aircraft manufacturer employees had strong doubts about the development of the 737 MAX, which is being held on the ground worldwide for safety reasons. Boeing calls the content of the released messages “completely unacceptable”. The company previously forwarded the information to the US aviation authorities.

Boeing 737 MAX

It was also announced that Spirit Aerosystems is scraping 2800 jobs in a factory that makes parts for the 737 MAX. Spirit, which generates more than half of its annual turnover from deliveries for the 737 MAX, is uncertain about the resumption of the construction of those devices. The share fell 4.3 percent.

Pharmaceutical company Eli Lilly (plus 1.5 percent) announced that it is taking over biotechnology company Dermira for an amount of 1.1 billion dollars. There is also attention for GrubHub. The meal deliverer contradicted reports that it would have put itself on display and dropped 6 percent. Those rumors caused the company to take a hefty head start.

Fitbit

Fitbit and Garmin are investigated by the American International Trade Commission at the request of Philips. They allegedly violated patents of the Dutch company. Fitbit fell 1.2 percent, Garmin dropped 0.9 percent. Analysts also had positive words left for automaker Tesla (minus 0.7 percent) and tech giant Apple (plus 0.2 percent).

The euro was worth $ 1,1122 against $ 1,1115 at the close of the European stock exchanges. A barrel of American oil cost 0.6 percent less than $ 59.18. Brent oil was 0.4 percent cheaper at $ 65.09 a barrel.

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