January 16, 2015 Financial News – Business News – Stock Exchange – NYSE – Market News
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Business News – Financial News – Stock News — New York Stock Exchange — Market News 2015
Business News – Financial News – Stock Exchange — Wall Street — Market News – New York Stock Exchange 2015
After losing ground in the first week of 2015, stocks were falling again this week. On Monday, oil prices declined after Goldman Sachs (NYSE: GS) cut their 6-month forecast for WTI to $39 a barrel. Aluminum giant Alcoa kicked off earnings season on Monday topping projections with a $6.4 billion revenue.
Tuesday was a big day for the labor market; we got the job openings and labor turnover survey report, which is one of the Federal Reserve’s favorite economic indicators. According to the report, US companies had 4.97 million job openings in November, a post-crisis high. Apple (NASDAQ: APPL) was a big contributor early on to the rally, after Credit Suisse (NYSE: CS) upgraded the company to outperform. But after a wild ride on Tuesday stocks gave up early gains and finished in the red.
On Wednesday U.S. stocks declined for a fourth straight session as an overnight collapse in the price of copper pushed futures lower, with stocks never able to gain momentum back during the day. December Retail sales posted 0.9 percent loss and investors are worried about global economic growth. Earnings season for big US banks kicked off with reports out of Wells Fargo (NYSE: WFC) and JP Morgan Chase (NYSE: JPM). Wells Fargo was able to beat Wall Street forecasts with a slightly higher net income. But JPMorgan reported a 7 percent decline in fourth-quarter earnings, which sent the company’s stock down 3.5 percent for the day. JPMorgan Chase, the biggest bank in the U.S. by assets, has been hit pretty hard by legal costs over the past year.
On Thursday stocks continued its downturn for a fifth day, with the S&P finishing below 2,000 for the first time in a month. Citigroup (NYSE: C) and Bank of America (NYSE: BAC) were the latest US banks to report earnings, both companies posted disappointing earnings per share. There was some big news coming out of Switzerland: the Swiss National Bank announced that it would give up its minimum exchange rate, which surprised a lot of central banks and investors. Jobless claims jumped sharply to 316,000, the highest level since September; manufacturing in the New York region climbed to 9.95; PPI fell 0.3 percent, inflation at the producer level continued to decline on lower energy costs.
On Friday Industrial production for December slipped 0.1 percent; Consumer price inflation fell 0.4 percent; and Goldman Sachs fell after the investment bank reported a 7 percent decline in profit.
January 16, 2015 Weekly Stock Market Wrap up:
Wells Fargo (NYSE: WFC)
JP Morgan Chase (NYSE: JPM).
Citigroup (NYSE: C)
Bank of America (NYSE: BAC)
Target (NYSE: TGT)
Chipotle (NYSE: CMG)
Caesars Entertainment Corporation (NASDAQ: CZR)
Business News – Financial News – Stock Exchange – New York Stock Exchange — Wall Street — Market News 2015
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