Wall Street posts a decline despite some good news on table


The stock exchanges in New York went trading with losses on Friday, ending an all-day series of earnings on Wall Street. Concerns about the economic impact of the new corona virus in China prevailed over a better-than-expected US job figure. At the companies, the Uber technology group was a striking climber.

The Dow-Jones index ended 0.9 percent lower at 29,102.51 points. The broadly assembled S&P 500 dropped 0.5 percent to 3327.71 points and technology exchange Nasdaq dropped 0.5 percent to 9520.51 points.

Credit rating agency S&P Global expects the growth of the Chinese economy to slow down to 5 percent this year, partly due to the corona virus, compared to 6.1 percent last year. Central bank umbrella federal Reserve also published a report in which the new virus is labeled as a risk to the American economy.

Opposite the warnings is a better-than-expected job report. According to the US Department of Labor, 225,000 jobs were added in the United States last month, while economists generally counted on 165,000

Uber shot up 9.5 percent. The company behind the taxi app of the same name reported a higher number of users of its services than estimated. In addition, Uber expects to be profitable for the first time in the last quarter of this year.

Figures from digital pin board Pinterest also liked it. The internet company expects to achieve a turnover of 1.5 billion dollars this year, after having collected more than 1 billion dollars in revenue for the first time in 2019. The share was worth more than 9 percent more. Pharmaceutical AbbVie won 5.8 percent after giving a better-than-expected profit forecast.

Royal Caribbean Cruises announced that it would ban travelers from China, Macau and Hong Kong from its ships due to the corona virus and dropped 4.4 percent. Technology giant Apple announced it would keep its stores in China closed for longer and lost 1.6 percent.

The euro was worth $ 1.0947, compared to $ 1.0950 at the close of the European stock markets earlier in the day. A barrel of American oil was 1.1 percent cheaper at $ 50.38. Brent oil cost 0.8 percent less at $ 54.50 a barrel.

By: Peretz M.

Peretz M. is an accomplished economist and financial journalist with a deep understanding of the global economy and financial markets. He is a regular contributor to EconomicInform, where he provides expert analysis and commentary on current economic trends and events. With a strong educational background in economics, Peretz has a talent for breaking down complex economic concepts for a general audience and is able to provide insightful perspectives on a wide range of economic issues.

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