Wall Street Closes with Mixed Results as Investors Wait for Key Earnings Reports

Strategic Insights -

The Dow Jones Industrial Average closed Monday at 8,057.81, down 25.57 points, while the broader Standard & Poor's 500-stock Index closed up 2.17 points to 858.73. The Nasdaq Composite Index closed at 1,653.31, up 0.77 points. Financial companies, including Citigroup, JPMorgan Chase & Co., and Goldman Sachs Group Inc., are scheduled to release earnings reports, which are expected to provide guidance on the struggling U.S. economy. Major companies from other industries, such as Intel Corp., Johnson & Johnson, and General Electric Co., also are set to announce earnings reports this week.

Key Takeaways:

  • The Dow Jones Industrial Average closed Monday at 8,057.81, down 25.57 points, while the broader Standard & Poor's 500-stock Index closed up 2.17 points to 858.73.
  • The Nasdaq Composite Index closed at 1,653.31, up 0.77 points, after dropping 7 points in futures trading earlier in the day.
  • Financial companies such as Citigroup, JPMorgan Chase & Co., Goldman Sachs Group Inc., Bank of America Corp., and Wells Fargo are scheduled to release earnings reports, which are expected to provide guidance on the struggling U.S. economy.
  • Citigroup was up 25 percent to $3.80 a share, while Bank of America Corp. was up more than 15 percent to $11.02 a share, after Wells Fargo forecast a record $3 billion profit for the first quarter.
  • Major companies from other industries, such as Intel Corp., Johnson & Johnson, and General Electric Co., also are set to announce earnings reports this week.
  • The New York Times reported that the Treasury Department is telling General Motors to prepare for a bankruptcy filing by June 1, resulting in a 33-cent drop in GM stock, or 16.18 percent, to $1.71 at the close Monday.
  • Analysts said the markets are reacting to the uncertainty surrounding the struggling U.S. economy and the potential bankruptcy filing of General Motors.
  • The markets have posted gains for five straight weeks, including big gains Thursday when Wells Fargo forecast a record $3 billion profit for the first quarter, sending the Dow above 8,000 for only the second time since early February.

Statistics:

  • The Dow Jones Industrial Average closed Monday at 8,057.81, down 25.57 points.
  • The Standard & Poor's 500-stock Index closed up 2.17 points to 858.73.
  • The Nasdaq Composite Index closed at 1,653.31, up 0.77 points.
  • Citigroup was up 25 percent to $3.80 a share.
  • Bank of America Corp. was up more than 15 percent to $11.02 a share.
  • Wells Fargo forecast a record $3 billion profit for the first quarter.
  • General Motors stock dropped 33 cents, or 16.18 percent, to $1.71 at the close Monday.
  • The markets have posted gains for five straight weeks.
  • The Dow has been above 8,000 for only the second time since early February.

Sources:

  • THE WASHINGTON TIMES
  • The New York Times
  • Bloomberg News
  • Reuters
  • Associated Press