US: Stocks flat after mixed bank earnings
WALL Street stocks finished little changed on Tuesday following a flattish day of mixed bank earnings and good Chinese economic data.
Bank of America climbed 0.6 per cent after reporting higher profits thanks to a boost from higher interest rates, while Goldman Sachs dropped 1.7 per cent following results that were hit by a slowdown in corporate mergers.
“We are not seeing real trauma from the banking sector but traders are picking some winners and losers,” said Steve Sosnick of Interactive Brokers, adding that the drop in deposits at many banks shows lingering reservations about the industry.
Analysts also pointed to a reading of Chinese economic growth that came in at 4.5 per cent in the first quarter, significantly higher than the 3.8 per cent predicted by analysts in an AFP poll.
The Dow Jones Industrial Average ended down less than 0.1 per cent to 33,976.63.
The broad-based S&P 500 added 0.1 per cent at 4,154.87, while the tech-rich Nasdaq Composite Index slipped less than 0.1 per cent at 12,153.41.
Among individual companies, Southwest Airlines dropped 0.8 per cent after it temporarily suspended US departures due to an information technology problem.
Boeing advanced 1.6 per cent after the company reaffirmed its plan to ramp up production on the 737 MAX despite a problem with supplier part that has delayed some deliveries.
Nvidia jumped 2.5 per cent following an upgrade from HSBC Securities, which cited the company’s “incredible” opportunity to exercise “pricing power” on chips tied to artificial intelligence. AFP
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