The stock markets in New York showed a slightly negative picture on Tuesday midway through the trading day. Investors processed the quarterly results of major US banks JPMorgan Chase, Goldman Sachs and Wells Fargo. They also responded to a speech by Federal Reserve Chairman Jerome Powell, in which they saw new indications for an impending interest rate cut.

The Dow-Jones index was close to 27,358 points around 7:30 pm (Dutch time). The broad S&P 500 dropped 0.2 percent to 3007 points and technology level meter Nasdaq lost 0.3 percent, at 8235 points.

JPMorgan Chase received 0.3 percent of market value. Although the largest bank in the United States recorded a record profit in terms of assets in the second quarter, it was slightly more cautious about interest income this year.

Goldman Sachs rose 1.1 percent. The investment bank achieved better-than-expected results and increased the dividend. Wells Fargo, the largest mortgage provider in the US, increased profits and is going to pay more dividends, but was nevertheless lowered by 2.9 percent.

Powell reiterated in Paris that the Fed is carefully monitoring the risks to the growth of the US economy. According to the Fed president, the US system of central banks will “respond appropriately to ensure continued growth.” Furthermore, Powell announced that the risks of declining growth have increased, in particular due to developments in world trade.

Healthcare company Johnson & Johnson (J&J) had to swallow a loss of 1.3 percent, despite an increase in sales expectations for the entire year and a higher than expected quarterly profit.

Google mother Alphabet and Facebook were also in the spotlight. Google was accused by billionaire and tech entrepreneur Peter Thiel of working with the Chinese government. President Donald Trump wants the justice department to investigate Google (plus 0.3 percent). The tech company denies Thiel’s accusations. Facebook (plus 0.1 percent) explained in the US Congress about its planned Libra crypto currency.

The euro was worth 1.1210 dollars, against 1.1215 dollars at the close of the European stock exchanges. A barrel of American oil cost 3 percent less at $ 57.81. Brent oil fell 2.6 percent in price to $ 64.77 a barrel.

Load More Related Articles
Load More By WeeklyNews staff
Load More In Business

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Some hope for Alzheimer’s disease treatment emerges

The American biotechnologist Biogen and his Japanese partner Eisai are making rapid progre…