After a rise in the stock market on Thursday, Wall Street closed lower today, Friday, following a series of mixed economic reports that seemingly confirmed the Federal Reserve's (American central bank) intention to raise interest rates again, which dampened investor enthusiasm after major American banks kicked off their first-quarter earnings season. The three main stock indices declined at the close but recorded weekly gains thanks to their strong rise yesterday.
Citigroup, JPMorgan, and Wells Fargo reported earnings that exceeded estimates in the first quarter, benefiting from high interest rates and easing concerns about the banking system facing pressures. The banking sector index on the S&P 500 surged, while JPMorgan's stock recorded its highest percentage gain in a single day since November 9, 2020.
According to preliminary data, the S&P 500 closed down 8.75 points, or 0.21%, at 4137.47, while the Nasdaq composite fell 42.59 points, or 0.35%, to 12123.68 points. The Dow Jones Industrial Average dropped 150.54 points, or 0.44%, closing at 33879.15 points.
