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Banks weigh on the Dow

Wednesday, February 08, 2017 - 01:23

The S&P 500 ended slightly higher on Wednesday as investors digested mixed earnings reports, while the Dow Jones Industrial Average slipped as bank stocks weighed. Angela Moore reports.

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Wall Street closed little changed on Wednesday, with banks weighing on the Dow. First Standard Financial's Peter Cardillo says earnings have been good, but he doesn't see the indexes climbing much higher. SOUNDBITE: PETER CARDILLO, CHIEF MARKET ECONOMIST, FIRST STANDARD FINANCIAL, (ENGLISH) SAYING: "Within the next few weeks going into March, there's a good possibility that we could see a pullback, and that pullback is probably going to be induced by the uncertainties that we're going under." The film, "Fantastic Beasts and Where to Find Them" propelled Time Warner's quarterly revenue sharply higher. Revenue rose across its three main business segments. Helping lift the S&P 500: Alaska Air. An increase in passengers boosted revenue nearly 11 percent. Weighing on the S&P: Gilead Sciences. Shares dropped and 11 analysts cut their price targets a day after the drugmaker forecast weak sales of its hepatitis C drugs this year. Nordstrom shares rose even though President Donald Trump criticized the department store chain, contending his daughter Ivanka was unfairly treated after Nordstrom decided not to buy her clothing line for this upcoming season. In Europe, good earnings drove shares higher, but the DAX closed just below break even.

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Banks weigh on the Dow

Wednesday, February 08, 2017 - 01:23