Economy | News-Opinion
CLOSING BELL: October 8th: DJIA: 13,583.65 | DOWN 26.50 | -0.19%
OIL: $89.33 DOWN 0.55, -0.61%
GOLD: $1,775.70, DOWN 5.10, -0.29%
GASOLINE (US Avg): $3.818, UP 0.004
Wall Street drops as investors wary of weak earnings
Rodrigo Campos, Reuters – U.S. stocks slipped in light trading on Monday, pulling back from recent five-year highs ahead of an earnings season expected to be weak.
Trading volume was the lowest so far this year in a full session as the U.S. government and the bond market were closed for the Columbus Day holiday. About 4.1 billion shares changed hands on the New York Stock Exchange, the Nasdaq and NYSE MKT, compared with the year-to-date daily average of 6.54 billion to last Friday.
Stocks were pressured throughout the day as the World Bank cut its growth forecasts for the East Asia and Pacific region, and warned that the slowdown in China could worsen and last longer than many analysts expect.
Analysts expect third-quarter earnings to fall for the first time in three years even though the S&P 500 gained 5.8 percent during that period. Such a grim forecast might call into question whether the rally can be sustained.
Read the full story at Reuters [here]
The Common Good publishes a financial market wrap-up every weekday after markets close, available here.
