Stocks are mixed as investors sort through a disappointing reading on the labor market and another batch of earnings reports
The market is trying to rebound a day after a late-session sell off pushed major indexes lower. Lingering concerns over whether investors had been overly optimistic about an economic rebound in pushing the market higher recently fed into Wednesday’s decline.
Overseas markets were tumbling following the U.S. market’s drop Wednesday, and as uncertainty mounted about Chinese stimulus measures aimed at pumping up that country’s economy.
Stocks are higher as investors found some encouragement from the latest batch of earnings reports
A handful of banks, including Wells Fargo and Morgan Stanley, reported better results for the July-September period Wednesday. However both those banks also reported high loan losses, bringing fresh reminders that the broader economy is struggling even as the financial industry recovers.
Last week, Bank of America Corp., JPMorgan Chase & Co. and Citigroup Inc. all reported higher credit losses as consumers and businesses struggle to pay off their bills.
Stocks fall after new government reports delivered mixed signals on the state of the economic recovery
The Labor Department said lower energy prices pushed U.S. wholesale prices lower in September, leaving a larger-than-expected monthly decline in the producer price index. Wall Street economists expected a flat reading. The drop comes after a steep rise in August.
Separately, the Commerce Department said home building rose a third time in four months during September, reflecting higher sales this year. The increase, however, was smaller than expected.
The reports overshadowed earnings reports from companies including chemical maker DuPont and Pfizer Inc., the world’s biggest pharmaceutical company.
Stocks trend higher although some earnings reports signaled that companies are still having a hard time boosting revenue
Toymaker Hasbro Inc., like many other companies, reported its third-quarter earnings rose as it cut costs, but said that its revenue fell. Gannett Co., the country’s largest newspaper publisher, also had a profitable quarter even with another big decline in ad revenue.
Stocks drop after disappointing reports from Bank of America, GE
Stocks fell sharply early Friday after a bigger-than-expected loss at Bank of America and a weak report from General Electric reminded investors that businesses and consumers are still struggling to pay off their debts.
Bank of America Corp. said it lost more than $2 billion after preferred dividends in the third quarter, steeper than what analysts had been expecting. One of the largest recipients of government bailout funds, the bank said its losses from failed loans came to almost $10 billion.
Stocks are lower after Goldman Sachs, Citigroup earnings disappoint
Investors turned cautious Thursday after earnings reports from Goldman Sachs Group Inc. and Citigroup Inc. stirred worries about the troubles banks still face.
Stocks fell moderately in early trading after rallying Wednesday. Investors drew some comfort from a government report that the number of newly laid-off workers filing claims for unemployment insurance fell last week. A report on manufacturing in the New York region also topped expectations.