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Wall Street opens up despite half-hearted results


Wall Street opens up despite half-hearted results

New York (AFP)

Wall Street moved into the green Tuesday shortly after the opening despite the subdued quarterly results released by several major US banks.

Its flagship index, the Dow Jones Industrial Average, rose 0.51% to 26,924.54 points around 14:00 GMT.

The Nasdaq, with strong technological color, took 0.47% to 8,086.72 points and the expanded S & P 500 index was up 0.47% to 2,980.21 points.

The New York Stock Exchange ended slightly lower on Monday, brokers wondering about the progress of trade negotiations between China and the United States: the Dow Jones had yielded 0.11% and the Nasdaq had dropped 0.10 %.

Bloomberg news reports that Beijing wants to continue talks before signing a trade deal with Washington have dealt a blow to major New York indices.

On Tuesday, however, brokers seemed to be focusing their attention on the full-fledged entry into the earnings season.

"It's a busy morning and for once, it is not dominated by the news around the trade negotiations but by the one around the results of companies", observes Patrick O'Hare of Briefing.

Several big names in the banking sector kicked off a year in which companies listed on Wall Street are bending each quarter.

JPMorgan Chase reported better than expected results, despite a low interest rate environment affecting margins in traditional lending and deposit business. His title took 1.51%.

In contrast, Goldman Sachs (-3.23%), Wells Fargo (-0.38%) and Citigroup (-0.56%) reported disappointing results.

"As usual, the results of financial stocks contain many variables that can lead to complex interpretations.At this stage, reactions are mixed," notes O'Hare.

Other big names in New York, such as pharmaceutical giant Johnson & Johnson (+ 2.17%) or asset manager Blackrock (+ 1.05%), reported higher than expected results.

Financial services provider Factset expects average S & P 500 earnings per share decline of 4.7% in the third quarter.

In the bond market, the 10-year rate on US debt was down, at 1.710% against 1.729% at the previous closing.

© 2019 AFP

Source: france24

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