(News Bulletin 247) – The New York Stock Exchange ended rather down on Wednesday, at the end of a session marked by the publication of the Fed’s Beige Book. The Dow Jones fell 0.2% to 33,897 points, while the Nasdaq Composite ended flat at 12,157 points.
‘The Beige Book notes that the March banking crisis weighed on financial activity, particularly in the San Francisco and New York areas. It also points to a certain decline in commercial real estate,” summarizes Wells Fargo.
Investor morale was, however, helped by the day’s generally well-received corporate results, apart from a few obvious disappointments such as those of Omnicom (-4.1%) or Netflix (-3.2%).
On the other hand, market participants acclaimed the quarterly reports released by Travelers (+6.1%), United Airlines (+7.5%) and Abbott Laboratories (+7.8%), and saw rather a good eye those of Morgan Stanley (+0.7%).
The latter reported better-than-expected earnings, thanks to the strength of its wealth management business, but warned that its investment banking division remained ‘held back’ by the current economic environment.
On the macroeconomic front, the US Energy Information Agency showed crude oil inventories of 466 million barrels for the week of April 10 in the US, signaling a decline of 4.6 million from to the previous week.
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