The US stock markets experienced a roller coaster ride on Thursday.
(Photo: AP)
Dusseldorf, Frankfurt Earnings declines at the big US money houses have clouded the mood on Wall Street at the end of the week. In addition, retail sales surprisingly stagnated in September, which experts attributed to high inflation and rising interest rates. The Dow Jones index of standard values closed 1.3 percent lower on Friday at 29,634 points. The tech-heavy Nasdaq fell 3.1 percent to 10,321 points. The broad S&P 500 lost 2.4 percent to 3583 points.
JPMorgan, Morgan Stanley, Citigroup and Wells Fargo all declined over the quarter as the stock market turmoil crippled investment banking and increased funds needed to cover loan defaults. However, price reactions varied. A surprisingly significant drop in profits sent Morgan Stanley down more than five percent. At JP Morgan, however, stockbrokers had expected even worse: the papers gained 1.7 percent.
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