Economy

Wall Street cuts losses with investment bank support | Financial

The Dow Jones index recorded 0.2 percent lower at 28,466 points around 7:40 PM (Dutch time). The broad-based S&P 500 fell 0.4 percent to 3,472 points and tech exchange Nasdaq fell 1.2 percent to 11,657 points.

Investors were also faced with disappointing figures on aid applications in the US. The number of Americans who called on the social safety net in one week increased according to the most recent figures, while a decrease was taken into account. That is a bad sign for the recovery of the US labor market.

The corona crisis can also give companies a boost, according to the quarterly figures of Morgan Stanley. The US bank benefited from increased activity in the financial markets and posted one of its highest quarterly earnings ever. The stock won 0.9 percent.

Industry colleague Wells Fargo went down 1.9 percent. The bank has fired more than 100 employees for attempting to defraud US corona support schemes.

United Airlines lost 4.6 percent after the publication of deep red quarterly figures. Just like other airlines, the group is very hard because of the corona crisis.

The picture is more complex for Tiffany (plus 1.6 percent), who came up with preliminary data. The jewelry chain has seen global sales decline slightly in recent months, but operating profit rose sharply.

The euro was worth USD 1,702, compared to USD 1,1704 at the close of the European stock markets. The price of a barrel of US oil fell 0.6 percent to $ 40.81. Brent oil became 0.6 percent cheaper at $ 43.07 a barrel.

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