NEW YORK (AP) — U.S. stocks tumbled Friday following a mixed start to earnings reporting season. Worries about potentially escalating tensions in the Middle East rattled financial markets, pushing investors to look for safer places for their money.
The S&P 500 sank 1.5% to close out its worst week since October, when a huge rally on Wall Street began. The Dow Jones Industrial Average dropped 475 points, or 1.2%, and the Nasdaq composite fell 1.6% from its record set the day before.
JPMorgan Chase was one of the heaviest weights on the market and sank 6.5% despite reporting stronger profit for the first three months of the year than analysts expected. The nation’s largest bank gave a forecast for a key source of income this year that fell below Wall Street’s estimate, calling for only modest growth.
The pressure is always on companies to produce fatter profits. But it’s particularly acute now given worries that the other main lever that sets stock prices, interest rates, may not offer much lift in the near term.
Politically motivated crimes in Germany reached their highest level in 2023 since tracking began
Hard right makes hay with European farmers' anger ahead of June elections
'Alarm bells go off when there's a 20
A Canadian serial killer who brought victims to a pig farm is hospitalized after a prison assault
PSG star Tabitha Chawinga of Malawi overcomes obstacles en route to Champions League success
What does Europe want from China?
Juventus ordered to pay Ronaldo more than $10 million in salary dispute
China sanctions former US lawmaker who supported Taiwan
The Milan derby. The Serie A title. A 2nd star. Inter can win it all in a single night
NASCAR star Kyle Larson is embracing his Indianapolis 500 debut, right down to milking a cow
Belgian and Czech leaders exhort the EU to react amid concern over Russian election interference