- Title: Wall Street ends down; banks weigh
- Date: 31st May 2017
- Summary: NEW YORK, NEW YORK, UNITED STATES (MAY 31, 2017) (REUTERS) (SOUNDBITE) (English) NEWTON ADVISORS PRESIDENT MARK NEWTON, SAYING: "Lot of the yield curve flattening out has really caused financials a great deal of suffering over the last few months. That started in mid-March. With regards to energy, you could really pinpoint the fact that fewer countries seem to be participating in this output cut and so potentially that could be an issue."
- Embargoed: 14th June 2017 21:13
- Keywords: New York Stock Exchange NYSE markets stocks closing bell
- Location: NEW YORK CITY, NEW YORK, UNITED STATES
- City: NEW YORK CITY, NEW YORK, UNITED STATES
- Country: USA
- Topics: Economic Events,Equities Markets
- Reuters ID: LVA0026J66EFH
- Aspect Ratio: 16:9
- Story Text:U.S. stocks were little changed on Wednesday (May 31) as financials dropped after JPMorgan and Bank of America warned of revenue weakness, offsetting gains in defensive plays.
JPMorgan blamed lower volatility for a 15 percent decline in trading revenue in the current quarter compared with last year, while Bank of America said trading revenue in the second quarter was on track to be 10 to 12 percent lower than last year.
Energy stocks, down 0.4 percent, also lost ground. Oil prices touched a three-week low as rising output from Nigeria and Libya fueled concerns that OPEC-led output cuts are being undermined. U.S. crude settled down 2.7 percent at $48.32 a barrel and Brent settled 3 percent lower at $50.1.
The Dow Jones Industrial Average fell 20.82 points, or 0.1 percent, to 21,008.65, the S&P 500 lost 1.1 points, or 0.05 percent, to 2,411.81 and the Nasdaq Composite dropped 4.67 points, or 0.08 percent, to 6,198.52. - Copyright Holder: REUTERS
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