Breaking News
0

Dow Jones Snaps 2-Day Winning Streak as Earnings Season Gets Underway

Stock MarketsOct 12, 2017 04:17PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

Investing.com – U.S. stocks retreated from record highs weighed by a slump in financials as better-than-expected earnings from JP Morgan and Citigroup did little to lift sentiment on equities.

The Dow Jones Industrial Average closed lower at 22,841.01. The S&P 500 closed 0.17% lower while the Nasdaq Composite closed at 6591.81, down 0.18%.

U.S. stocks started the session on the back foot as investors mulled over earnings reports from JP Morgan and Citigroup that beat on both the top on bottom lines.

Shares of both JPMorgan Chase & Co (NYSE:JPM) and Citigroup Inc (NYSE:C) fell more than 1%, dragging the broader market into negative territory.

On the economic data front, labor market and wholesale inflation data topped expectations pointing to underlying strength in the U.S. economy.

The U.S. Department of Labor reported Thursday that initial jobless claims fell 15,000 to a seasonally adjusted 258,000 for the week ended Oct. 7, beating forecasts of a 7,000 decline.

In a separate report, the U.S. Department of Labor said its producer price index for final demand increased 0.4% in September. In the 12 months through September, the PPI rose 2.2% after rising 2% in August.

Analysts have been quick to downplay the slump in U.S. stocks, insisting the recent upward trend in markets is not at risk of reversing as earnings will reflect strong fundamentals.

“Basic fundamentals are good, companies are making money, and I think the market will be relatively strong throughout earnings season, but I don’t see a huge spike up between now and the end of the year because a lot [of earnings optimism] has been priced in,” said Gary Droz, managing director at MainLine Private Wealth.

'Bulls and Bears' on Wall Street

The top Dow gainers for the session: Caterpillar Inc (NYSE:CAT) up 1.1%, Microsoft Corporation (NASDAQ:MSFT) up 0.9% and United Technologies Corporation (NYSE:UTX) up 0.9%

Walt Disney Company (NYSE:DIS) down 1.6%, UnitedHealth Group Incorporated (NYSE:UNH) down 1.2% and Goldman Sachs Group Inc (NYSE:GS) down 1.1%, were among the worst Dow performers of the session.

Dow Jones Snaps 2-Day Winning Streak as Earnings Season Gets Underway
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments
Filip Öhman
Filip Öhman Oct 17, 2017 11:43AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
2 Days?
Reply
0 0
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email