The New York Dow Jones Stock Exchange ended lower on Friday (May 19), with the morning’s positives fading. After negotiations on the US debt ceiling in Washington delayed. That undermines hopes that an agreement will be reached soon to avoid defaults.
The Dow Jones Industrial Average closed at 33,426.63 points, a decrease of 109.28 points or -0.33%, the S&P 500 index closed at 4,191.98 points, a decrease of 6.07 points or -0.14%, and the Nasdaq index closed at 12,657, a decrease. of 30.94 points or -0.24%.
But in this week the Dow added 0.38%, the S&P500 gained 1.65% and the Nasdaq gained 3.04%, with the S&P500 and Nasdaq gaining their biggest weekly percentage gains since the last week of March.
US stocks have rallied over the past two trading days on growing sentiment that a deal could soon be reached to raise the $31.4 trillion debt ceiling, with the S&P 500 rallying more than 2%, but lost Friday morning earnings following the report. Debt ceiling talks stalled.
the market is going down After the Chairman of the Federal Reserve, Jerome Powell (Fed) stated that it is still unclear and Will the Federal need to raise interest rates again? The Fed will have to assess the impact of recent interest rate hikes. after problems in the banking sector
Markets were also pressured by CNN reports that Treasury Secretary Janet Yellen said at a meeting of bank CEOs on Thursday that more bank mergers may be needed. After the collapse of many banks in the past.
Regional banking stocks fell, with the KBW regional banking stock index losing nearly 2.17% on Friday, but is still up 6.2% for the week after three straight weeks of declines.
Morgan Stanley shares fell 2.66% after CEO James Gorman announced he would be stepping down from the job within the next 12 months.
The stock of shoe retailer Foot Locker sank after it slashed its annual sales and profit forecasts.
Foot Locker’s announcement weighed Nike and Under Armor down 3.46% and 4.2%, respectively.
Other retail stocks also warned about their earnings outlook this week, including Target Corp, Home Depot and TJX Companies Inc, as consumers grapple with inflation and higher interest rates.
By InfoQuest News Agency (20 May ’23)
Tags: Stock Market , New York Stock Exchange
