Wall Street’s rock-solid week ends with a loss


The leading Dow-Jones index closed with a loss of 1.3 percent at 25.379.45 points. The broad S & P 500 lost 1.4 percent to 2768.78 points and high-tech index Nasdaq dropped 2.1 percent to 7485.14 points.

Large industrial corporations such as Caterpillar and 3M lost up to 3.9 percent. This was happened after less than expected results from smaller companies like Trexton, maker of the Cessna aircraft, and tool maker Snap-on were published.

Furthermore, defense companies were under pressure after the news that the US Treasury Secretary Steven Mnuchin will not travel to an investor conference in Saudi Arabia because of the disappearance of journalist Jamal Khashoggi. It may indicate that the lucrative arms sales are in danger of putting on hold. Companies like Lockheed Martin and Raytheon closed in red.

Philip Morris managed to surprise positively with his quarterly figures. The tobacco producer won 3.5 percent. Video games publisher Activision Blizzard lost 8 percent. Presumably this indicate the effect of disappointing sales of the recently launched game Call of Duty: Black Ops 4.

Amazon (minus 3.3 percent) is under a looking glass after an row with eBay. The auction site accuses the web shop giant of illegally sourcing salespeople, among other things by using eBay’s internal e-mail system. Tech giant Apple, which will release new products on October 30, lost 2.3 percent.

Tire makers such as Cooper and Goodyear lost up to 4.8 percent after a disappointing trade announcement from the French industry partner Michelin.

The euro was worth $ 1,1458, against $ 1,1505 at the European market. A barrel of American oil fell 1.5 percent in price to $ 68.74. Brent oil cost 0.9 percent less at $ 79.34 per 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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