US stocks are falling with increasing bets on raising interest rates
Wall Street closed lower, on Friday, after a set of mixed economic reports that seemed to confirm the Federal Reserve’s tendency to raise interest rates again, which dampened investor enthusiasm after major US banks opened the first-quarter earnings season.
The three main stock indices fell at the close, but recorded weekly gains, thanks to their strong rise on Thursday.
Citigroup, J.P. Morgan and Wells Fargo banks announced profits that exceeded estimates in the first quarter, benefiting from higher interest rates and easing concerns about the exposure of the banking system to pressure, according to Reuters.
The banking sector index jumped on the “Standard & Poor’s 500”, while “JP Morgan” stock recorded its highest percentage gain in one day since November 9, 2020.
The Standard & Poor’s 500 index closed down 8.75 points, or 0.21%, at 4,137.47, while the index recorded a weekly gain of 0.79%.
The Nasdaq Composite Index fell 42.59 points, or 0.35%, to 12123.68 points, and the index recorded a weekly rise of 0.29%.
The Dow Jones Industrial Average fell 150.54 points, or 0.44%, to close at 33,879.15 points, but it recorded gains for the fourth consecutive week after rising by 1.19% in the last week.