4 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average, S&P 500 and Nasdaq all finished lower Friday.
- But for the week the Dow rose 1.79%, the S&P 500 jumped 1.99% and the Nasdaq increased 2.77%
- JPMorgan Chase & Co. (JPM) - Get Free Report , a component of the Dow, posted an increase of 35% in first-quarter profit. The stock, however, fell 2.6%.
- TheStreet slammed Tesla Inc. (TSLA) - Get Free Report CEO Elon Musk for his latest outrageous tweet. Watch here. But Tesla stock jumped 2.1% on Friday.
Wall Street Overview
Stocks finished lower on Friday, April 13, amid uncertainty over tensions in the Middle East and after earnings beats from JPMorgan Chase & Co. (JPM) - Get Free Report and Citigroup Inc. (C) - Get Free Report .
The Dow Jones Industrial Average undefined fell 122 points, or 0.50%. The S&P 500 undefined declined 0.29% and the Nasdaq undefined fell 0.47%.
Sentiment on Friday was dented somewhat by a decline in the consumer sentiment index for April, which slipped to 97.8 from 101.4 in March as respondents said they were concerned about the impact of Donald Trump's trade policies on the economy.
Stocks rose Thursday, April 12, after sentiment improved following a tweet from Trump that said a missile strike in Syria wasn't imminent. The Dow rose 293 points, or 1.2%, to 24,483, the S&P 500 gained 0.83% and the Nasdaq rose 1.01%.
Stocks in Asia, meanwhile, finished Friday mostly higher after Trump said in a tweet he had told officials to look at rejoining the Trans-Pacific Partnership free-trade deal, a deal he scrapped soon after taking office.
JPMorgan Chase, the largest U.S. bank, said first-quarter profit surged 35% as taxes decreased following Donald Trump's cuts in the corporate tax rate, while bigger price swings in U.S. markets led to higher trading revenue.
Net income rose to $8.71 billion from $6.45 billion a year earlier, while adjusted earnings per share climbed to $2.37, beating estimates of $2.27. The stock fell 2.6%.
Shares of Citigroup fell 1.5% after the bank posted earnings in the first quarter of $1.68 cents a share, topping estimates by 7 cents.
Wells Fargo & Co.'s (WFC) - Get Free Report first-quarter profit was $1.12 a share, 6 cents ahead of analysts' forecasts. Shares fell 3.1% after the bank disclosed it faces additional penalties of as much as $1 billion to resolve allegations over matters including auto insurance and mortgage-sales practices.
Donald Trump issued an executive order to set up a task force to study the United States Postal Service, after he accused Amazon.com Inc.
of taking advantage of the organization.
Trump issued the order just before 9 p.m. ET on Thursday. He created a task force to examine the service's "unsustainable financial path" and directed the new panel to "conduct a thorough evaluation of the operations and finances of the U.S.P.S," The New York Times reported.
Amazon wasn't directly mentioned in the order. But Trump has criticized the online retailer's deal with USPS, saying in a series of tweets that the company doesn't pay its share of postage and that the postal service loses money in the arrangement.
Amazon shares fell 1.2%.
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The National Transportation Safety Board said Thursday it removed the electric vehicle maker from the investigation after the company prematurely made information public.
Meanwhile, CEO Elon Musk on Thursday evening trashed The Economist on Twitter, saying: "The Economist used to be boring, but smart with a wicked dry wit. Now it's just boring (sigh). Tesla will be profitable & cash flow+ in Q3 &Q4, so obv. no need to raise." Tesla shares rose 2.1% on Friday following Musk's reiteration the company won't need to raise cash in 2018.
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