US stocks end lower on weak retail data
Wall Street stocks finished lower on Friday as disappointing US retail sales data offset a lift from better-than-expected bank earnings. Retail sales fell by a surprisingly big one percent in March, extending a downward trend that signals cooling in the economy. But that downcast reading was countered by surprisingly good earnings from JPMorgan Chase and other large banks that cheered investors nervous about the sector. The Dow Jones ended down 0.4 percent at 33,886. The S&P 500 declined 0.2 percent to 4,137, while the Nasdaq shed 0.4 percent to 12,123. Oanda's Edward Moya attributed Friday's losses partly to expectations that the Federal Reserve still looks likely to lift interest rates at least one more time following fresh "hawkish" comments from policymakers. "Wall Street got scared after strong results from JPMorgan, surging inflation expectations, and some hawkish Fed speak," Moya said, pointing to fears that the Fed could raise rates not just in May but in June. JPMorgan Chase surged more than seven percent following a blowout earnings report, while Citi jumped 4.8 percent. PNC Financial Services added 0.4 percent after its earnings announcement, while Wells Fargo was flat. Meanwhile, Boeing slumped 5.6 percent after disclosing a problem with a supplier part on the 737 Max that is expected to slow deliveries of new jets. The supplier, Spirit AeroSystems, plunged 20.7 percent. (AFP)