Stock market today October 14, 2020
October 14, 2020
A lower close today for the US stock market. Dow Jones fell almost 166 points, Nasdaq lost 95 points, S&P 500 lost 23 points. The numbers at the US stock market close today.
S&P 500: 3,488.67,-23.26(-0.66%)
Dow 30: 28,514.00,-165.81(-0.58%)
Russell 2000: 1,621.65,-15.20(-0.93%)
Stock market data: Yahoo Finance
Stock market news
“Stock losses accelerated as a prospects of a stimulus package before the election dimmed even further.
Treasury Secretary Steven Mnuchin said Wednesday afternoon that achieving a deal and advancing any measures through Congress before the November election would be “difficult.” The remarks came shortly after Pelosi and Treasury Secretary Steven Mnuchin spoke on the phone Wednesday morning to discuss further stimulus, in a conversation Pelosi’s spokesperson earlier called “productive.” The two are set to speak again Thursday.
Elsewhere, a host of major banks released a mixed set of quarterly results Wednesday morning. Dow component Goldman Sachs (GS) reported third-quarter results that well exceeded consensus estimates, as investment banking and fixed income trading revenue each grew over last year and topped expectations. The trading boost Goldman Sachs and other banks including JPMorgan Chase and Citigroup but it did not extend to Bank of America (BAC), which posted lighter-than-expected trading revenue from stocks and bonds, and a miss on overall revenue compared to estimates. Bank of America also built its credit reserves during the quarter, adding more padding in case of potential customer loan defaults amid the pandemic.
At Wells Fargo (WFC), the company swung back to a quarterly profit in the third quarter after a loss in the second, though income missed expectations and was pressured by low rates, and activity overall remained low as both loans and deposits declined.”
Source: Yahoo Finance