US Stocks Fall On Bank Earnings, Retail Sales

Wall Street stocks fell early Friday following mixed bank earnings and disappointing retail sales as investors weighed Joe Biden's giant stimulus proposal

New York, (UrduPoint / Pakistan Point News - 15th Jan, 2021 ):Wall Street stocks fell early Friday following mixed bank earnings and disappointing retail sales as investors weighed Joe Biden's giant stimulus proposal.

Near 1545 GMT, the Dow Jones Industrial Average was down 0.8 percent at 30,751.78.

The broad-based S&P 500 also slid 0.8 percent to 3,764.06, and the tech-rich Nasdaq Composite Index stood at 13,012.00.

Large bank shares were solidly lower following earnings reports from JPMorgan Chase and other financial heavyweights that revealed a mixed toll from the coronavirus downturn.

Bank executives expressed optimism about the 2021 outlook, but the sell-off in shares followed a strong period for the equities into the period.

Analysts also cited Commerce Department data showing a 0.7 percent drop in December US retail sales, as well as concerns Biden's $1.9 trillion package could spur tax hikes.

"There is a lot to digest this morning and there are some clear sources of indigestion that are influencing profit-taking decisions after a big run," said Briefing.com analyst Patrick O'Hare.

"The rush-for-the-exits mentality, though, is still not there. Rather, it's still a deliberate move to manage positions as the market moves around the recovery trade being on and the recovery trade being off."