Friday, 22 September 2023 12:05 GMT

U.S. stocks end mixed as bank shares lag

(MENAFN- Trend News Agency)

U.S. stocks closed mixed on Friday as financial shares struggled after earnings results, Trend reports citing Xinhua.

The Dow Jones Industrial Average fell 201.81 points, or 0.56 percent, to 35,911.81. The S&P 500 rose 3.82 points, or 0.08 percent, to 4,662.85. The Nasdaq Composite Index increased 86.94 points, or 0.59 percent, to 14,893.75.

Seven of the 11 primary S&P 500 sectors ended in red, with real estate and financials down 1.18 percent and 1.01 percent, respectively, leading the laggards. Energy rallied 2.45 percent, the best-performing group.

U.S. bank giant JPMorgan Chase posted solid results for the fourth quarter Friday, including a profit of 10.4 billion U.S. dollars that exceeded estimates. Still, the megabank's net income went down 14 percent from the same quarter the previous year as trading revenue fell. The stock sank more than 6 percent on Friday.

Citigroup shares decreased 1.25 percent even after the company reported earnings and revenue that topped analysts' expectations.

Shares of Morgan Stanley and Goldman Sachs, which are set to report next week, also declined.

Wells Fargo's stock rose 3.7 percent on its better-than-anticipated earnings and revenue.


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