US Stocks Flat after Mixed Bank Earnings

Wall Street shares completed little modified Tuesday following a flattish day of combined financial institution earnings and good Chinese financial information.

Bank of America climbed 0.6 p.c after reporting increased earnings because of a lift from increased rates of interest, whereas Goldman Sachs dropped 1.7 p.c following outcomes that have been hit by a slowdown in company mergers.

“We will not be seeing actual trauma from the banking sector however merchants are choosing some winners and losers,” said Steve Sosnick of Interactive Brokers, adding that the drop in deposits at many banks shows lingering reservations about the industry.

Analysts also pointed to a reading of Chinese economic growth that came in at 4.5 percent in the first quarter, significantly higher than the 3.8 percent predicted by analysts in an AFP poll.

The Dow Jones Industrial Average ended down less than 0.1 percent to 33,976.63.

The broad-based S&P 500 added 0.1 p.c at 4,154.87, whereas the tech-rich Nasdaq Composite Index slipped lower than 0.1 p.c at 12,153.41.

Among individual companies, Southwest Airlines dropped 0.8 percent after it temporarily suspended US departures due to an information technology problem.

Boeing advanced 1.6 percent after the company reaffirmed its plan to ramp up production on the 737 MAX despite a problem with supplier part that has delayed some deliveries.

Nvidia jumped 2.5 percent following an upgrade from HSBC Securities, which cited the company’s “incredible” alternative to train “pricing energy” on chips tied to artificial intelligence.

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(This story has not been edited by News18 workers and is revealed from a syndicated information company feed)