Wall Street Finish with Small Losses

Wall Street Finish with Small Losses


The stock exchanges in New York closed Thursday with small losses. Sentiment was supported in the afternoon trade by the minutes of the Federal Reserve, but those gains were surrendered at the end of the trading day. The US central bank wants to raise the interest rate again in the short term, but subsequently plans to introduce a more flexible interest rate policy.

The Dow-Jones index closed 0.1 percent lower at 25,338.84 points. The broad S & P 500 index fell 0.2 percent to 2737.80 points. Nasdaq lost 0.3 percent to 7273.08 points.

In terms of company news, Apparel retailer Express experienced sharp decline after it reported fiscal Q3 results that topped expectations, but issued EPS and revenue forecast for current quarter that was shy of estimates. Profit for the quarter increased to $7.97 million or $0.11per share, compared with $6.03 million, or 0.08 per share, in the corresponding quarter last year. Analysts were looking for 10 cents. Revenue for the quarter to Nov. 3 rose 2% to $514.96 million, beating the estimate of $505.5 million, as flat same-store sales topped forecast of a 0.2% decline. Express lost 5 percent, on disappointing outlook. Dollar Tree also came up with earnings figures, the share was up 6.1 percent.

Fashion chain Abercrombie & Fitch was very active, after a positive quarterly report. Abercrombie jumped almost 21 percent. The company presented with its quarterly figures a forecast for sales during the holiday season that was more positive than analysts had expected. The company also closes fewer stores than previously planned.

Kraft Heinz takes over Primal Kitchen. The company, which makes sauces and clothes that fit the so-called Paleo diet, costs Kraft Heinz $200 million dollars. The purchase hardly changed the share price of the food company.

The euro was worth $1.1390 ​​against $1.1383 at the end of the European stock exchanges. The price of US oil rose 2.3 percent to $51.41. With that, the price per barrel improved again, after it had dropped below 50 dollar for the first time in more than a year. Brent oil was 1.2 percent up at $59.47.

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I am a lecturer at the University of Economics in Bratislava, department of Banking and International Finance. I have a Ph.D. academic degree, my dissertation was focused on major markets. Commodities and stock markets are also the main focus of my research and publication activities. I have approximately 10 years of investing experiences. My investments mostly focus on small- to mid-cap companies of energy sector, financial and technology.