Wall Street closed lower the day before yesterday, following a set of mixed economic reports, which seemed to confirm the US Federal Reserve’s tendency to raise interest rates once more, which dampened investor enthusiasm, following large US banks opened the season for announcing first-quarter results.
The three main stock indices fell at the close, but recorded weekly gains, and Citigroup, JP Morgan and Wells Fargo banks announced profits that exceeded estimates in the first quarter.
The banking sector index jumped on Standard & Poor’s, while JPMorgan stock recorded its highest percentage gain in a day since November 9, 2020.
The Standard & Poor’s index closed down 8.75 points, or 0.21%, at 4,137.47, the Nasdaq fell 40.35%, and the Dow Jones fell 150.54 points, or 0.44%.
