Wall Street Closed Mixed Lagged by the Banking Sector

Wall Street experienced an unstable day on Wednesday with mixed results. The Dow Jones advanced by 0.13% or 44.44 points, to 34,933.23. Meanwhile, the selective S&P 500 gained 0.12% or 5.09 points, to 4,374.30. The Nasdaq composite index slipped by 0.22% or 32.70 points, to 14,644.95.

The rally in technology didn’t help Nasdaq since small company stocks, banks, and energy companies lingered on the broader market’s rise.

Before the trading session, Bank of America, Citigroup, and Wells Fargo published their quarterly results. The three of the banks multiplied their earnings in the 1st half of this year. However, only Wells Fargo posted an advance in the S&P 500, adding 4%. At the beginning of the session, Citigroup experienced a surge; however, it gave up gains later and declined by 0.3%. Bank of America shed 2.5% after it reported solid profits but weak revenue.

Airlines had a positive day after showing signs of recovery. American airlines added 3%.

Among the 30 stocks of Dow Jones, Apple was the biggest winner adding 2.41%. Coca-Cola followed it with a rise of 2.25%. Honeywell added 1.65%. At the same time, Chevron lost 1,88%, Caterpillar yielded 1.65%, and Boeing declined by 1.64%.

By sector, essential goods posted the most significant profit rising by 0.92%. Real estate followed it, increasing by 0.89%. Meanwhile, public services gained 0.84%. As for the losses, the energy sector slipped by 2.94%, and the financial sector shed 0.49%.

The Fed chairman Jerome Powell stated that inflation would remain high in the coming months. Powell further mentioned that the country’s economy is far from the central bank’s objective to propose a change in monetary policy. According to Sam Stovall, a chief investment strategist at CFRA, investors are still focusing on earnings after the statements of the Fed’s chairman.

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