Where Your Speech Is Free And Your Comment Is King - Post A Link

THE NEWS COMMENTER

VOTE  (0)  (0)

Wall Street's five-day rally falters ahead of earnings


Added 01-11-19 02:03:02pm EST - “U.S. stocks edged about 0.4 percent lower on Friday as investors booked profits ...” - Reuters.com

CLICK TO SHARE

Posted By TheNewsCommenter: From Reuters.com: “Wall Street's five-day rally falters ahead of earnings”. Below is an excerpt from the article.

(Reuters) - U.S. stocks edged about 0.4 percent lower on Friday as investors booked profits after a five-day rally and reset positions ahead of the earning season, which will begin with big Wall Street banks next week.

The rally – built on optimism over China-U.S. trade talks, strong U.S. jobs data and the Federal Reserve's promise of patience with interest rate hikes – added 6 percent to the S&P 500 .SPX, lifting it about 10 percent from the 20-month low it hit around Christmas.

“We’re viewing today a little bit of a breather. The fact that we’ve been up so many days in a row, it’s not surprising to see a little bit of a break,” said Chad Oviatt, director of investment management at Huntington Private Bank in Columbus, Ohio.

The S&P financial index .SPSY was trading flat, shrugging off earlier losses. Citigroup Inc (C.N), which will report earnings on Monday, rose 0.9 percent after agreeing to give shareholder ValueAct Capital more access to its books and board of directors.

“Most investors are going to be gauging them (banks) on a little bit of a broader economic base than normal, in that interest rates and Fed are going to have an impact,” said Oviatt.

Read more...

Post a comment.

CLICK TO SHARE

BACK TO THE HOME-PAGE