Wall Street Ends Slightly Higher; Banks and Energy Weigh
Wall Street's benchmark S&P 500 index closed slightly higher on Tuesday with concerns about slowing economic growth stunting gains and the Dow dipped as bank stocks sank after warnings of current-quarter weakness while energy shares tumbled.
Energy was the weakest among the benchmark's 11 industry indexes, as crude oil futures fell after OPEC+ cut its demand forecast for 2024 and 2025.
Bank stocks fell broadly after Goldman Sachs CEO David Solomon said late on Monday that trading revenue could fall 10% this quarter. On Tuesday, JPMorgan Chase (JPM.N), opens new tab tempered expectations about income from interest payments.
According to preliminary data, the S&P 500 gained 24.30 points, or 0.45%, to end at 5,495.35 points, while the Nasdaq Composite gained 144.64 points, or 0.86%, to 17,029.24. The Dow Jones Industrial Average fell 91.08 points, or 0.22%, to 40,735.64.
Source : Reuters