Bank Earnings Drag Down Wall Street


    The stock exchanges in New York were closed on Friday with losses. The financial sector on Wall Street came under pressure after the quarterly results of the major banks Citigroup, Wells Fargo and JPMorgan Chase. In addition, concerns about a possible US attack on Syria and increasing trade conflicts continued to linger above the market.

    The Dow-Jones index ended 0.5 percent lower at 24,360.14 points. The broad-based S & P 500 dropped 0.3 percent to 2656.30 points and the Nasdaq technology exchange went down 0.5 percent to 7106.64 points.

    The JPMorgan Chase, Wells Fargo and Citigroup figures were generally reasonably as expected, but investors had hoped for more. Those banks went down to 3.4 percent. Industry partners such as Bank of America, Goldman Sachs and Morgan Stanley delivered 2.8 percent.

    Tesla also grabbed attention on itself. A tweet from topman Elon Musk set the course of Tesla more than 2 percent higher. Musk stated that the manufacturer of electric cars will be profitable in the third quarter of 2018 and can boast a positive cash flow.

    Cloud storage service Dropbox had to take a loss of almost 10 percent. Investment advisors Instinet and Nomura followed Dropbox with the advice to dispose of the share. Dropbox recently made its debut on Wall Street.

    Boeing lost 2.4 percent. Russia is threatening to stop exporting titanium to the aircraft manufacturer in retaliation for American sanctions against the country. Furthermore, there are still problems with the aircraft engines of Rolls-Royce that Boeing uses in the 787 Dreamliner.

    In the economic field, the University of Michigan reported that US consumer confidence declined in March after confidence reached its highest level since February. Americans are worried about a trade dispute between China and the US. Furthermore, it turned out that the number of vacancies in the US last month decreased slightly compared to February when it was almost a record.

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    I am an independent trader currency and commodity with about eight years of experience. I love the financial world because it is like one big puzzle and I hope we help each other out to solve the puzzle to help us realize our dreams. I received my BBA in Accounting (With Honors) - from The University of Texas - San Antonio. Achievements: Beta Alpha Psi National Accounting Honors Fraternity member, Leadership Challenge Participant, Dean's List. I have passed the Series 63, 22, Texas Real Estate exam, and the DRI Business Continuity exam.