Wall Street in bad mood due to store sales figures


The stock exchanges in New York opened lower on Thursday. After strongly declining retail sales, the earlier positive sentiment on Wall Street reversed. Traders had a trade heap around the American-Chinese trade dispute. President Donald Trump would be willing to postpone the deadline for a trade agreement for 60 days.

The leading Dow-Jones index was 0.7 percent lower at 25,368 points after a few minutes. The broad S & P 500 dropped 0.6 percent to 2737 points and the Nasdaq tech exchange lost 0.4 percent to 7395 points.

American retail sales fell by 1.2 percent in December compared to a month earlier. The unexpected downturn was the biggest since 2009. In addition, investors were given a series of corporate figures for choosing Cisco and Coca-Cola, among others.

Coca-Cola plummeted more than 6 percent at the show because the figures were worse than average analysts had expected. The company managed to achieve four times more profit in the past year compared to a year earlier. Coca-Cola spent its drinks at higher prices and benefited from the popularity of sugar-free soft drinks.

The American manufacturer of network equipment Cisco Systems, on the other hand, won more than 4 percent. The company recorded solid sales growth and announced a higher dividend and share repurchase program.

By: Oliver I. Kjeldsen

Oliver I. Kjeldsen has a corporate finance and extensive expertise in company audit. He grants us amazing insights on taxation, international affairs and friendly advice on nearly any topic of interest. His email is oliver.kjeldsen@economicinform.com

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