Wall Street Ends With Minor Losses – Acadiana Business Index
- The Dow Jones Industrial Average was off 34 points to 12821 after being down by as many as 75 points earlier. The S&P 500 Index gave up less than 5 points to 1353 and the NASDAQ was higher by less than a point to close at 2934.
- Markets finished in the red for the week as the S&P 500 lost 1.2%, the NASDAQ posted a decline of 0.8% and the Dow fell 1.7%.
- JPMorgan said it suffered a trading loss of at least $2 billion from a failed hedging strategy which weighed on the rest of the banking sector with Citigroup down $1.30 to $29.35, Morgan Stanley fell 65 cents to $14.95 and Goldman Sachs gave up $4.19 to $102.13. However investor sentiment attempted to reverse course after consumer confidence rose to its highest level since 2008 with the University of Michigan's sentiment index improving to 77.8 from 76.4 in April.
- On the downside, hopes for a breakthrough in Greece's political impasse faltered as it failed to form a coalition government.
- In bondland, Treasuries extended their weekly winning streak to eight with the 10-year note up 7/32 to yield 1.85% and the 30-year bond gained 29/32 to yield 3.02%.
For the complete report, click Ken's Market Report.