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Wall Street ends with no clear direction after earnings from some of the banks

Wall Street ends with no clear direction after earnings from some of the banks

(New York) The New York Stock Exchange ended Wednesday in choppy order, buoyed by the good quarterly results of several large US banks, but hit by a weak technology stocks session.

Agence France-Presse and the Canadian Press

The Dow Jones rose 0.16% to 33,730.89 points while the Nasdaq index fell 0.99% to 13,857.84 points and the S&P 500, which made the roller coaster, finally returned 0.41% to 4,124.66 points.

The Toronto Stock Exchange closed lower as strength in the energy sector and higher crude oil prices failed to offset the larger market weaknesses.

The Toronto S & P / TSX Composite Index fell 32.04 points to end the day at 19171.66 points.

In the currency market, the Canadian dollar traded at an average price of 79.79 US cents, up from the average price of 79.66 US cents the previous day.

On the New York Mercantile Exchange, the price of crude oil rose from $ 2.97 to $ 63.15 a barrel, while gold fell $ 11.30 to $ 1.736.30 a pound. Copper, for its part, jumped about 10 cents to $ 4.13 a pound.

“JPMorgan Chase, Goldman Sachs and even Wells Fargo have performed better than expected, but a lot of these good results were absorbed by the market, as the banking sector was the one that grew the most since the beginning of the year.” Holding.

The profits of these three banks increased between January and March thanks to the reduction in their reserves in the context of the improvement of the US economy and thanks to the good health of the financial markets.

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Shares in Goldman Sachs (+ 2.34%) and Wells Fargo (+ 5.53%) are higher, while JP Morgan shares are down (-1.87%).

Citigroup and Bank of America will report their results Thursday, and Morgan Stanley will commit to that exercise on Friday.

Market participants also followed the remarks of Fed Chairman Jerome Powell, who was speaking via video link at an event hosted by the Washington Economic Club.

Mr. Powell considered it “very unlikely” that the institution would raise its key rates before 2022, which currently range between 0% and 0.25%.

“This is in line with what he has said many times before and has helped calm the bond market as Treasury yields have barely declined,” Hogan said.

The Fed also published its Beige Book on Wednesday, a study conducted among companies in the country in question between the end of February and the beginning of April, as it reported a recovery in tourism and entertainment in the United States.

“There was nothing spectacular” about this report, notes Peter Cardello of Spartan Capital Securities, “but it does indicate sustainable growth and a recovery in consumption.”

On the one hand, the tech giants had a tough session, which hit the Nasdaq hard: Apple, Facebook, and Amazon all fell about 2%.

The session also marked the entry of the cryptocurrency trading platform Coinbase on the Nasdaq Stock Exchange, which closed at $ 328.28 after peaking at around $ 430.

That’s much more than the record price of $ 250, which was released Tuesday night for directing, and raised Coinbase’s capital to nearly $ 86 billion, making it the largest valuation ever offered for a US company to enter the stock exchange.

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Among the current values, Moderna biotech rose 6.89%. The company announced, Tuesday, that its vaccine is 90% effective against Covid-19 and 95% effective against severe forms of the disease, according to new results, in a slight decrease from a previous clinical trial.