Market roundup for Oct. 14
SAN JUAN — The U.S. stock market closed lower after Treasury Secretary Steven Mnuchin offered grim hope on achieving any stimulus agreement before the general elections.
On Wednesday, the U.S. Producer Price Index increased to 0.42%, compared to 0.34% last month; this range is higher than the long-term average of 0.13%.
Also, three of the top U.S. banks reported their 3Q2020 earnings.
- Goldman Sachs (G.S.) reported net revenues of $10.78 billion and net earnings of $3.62 billion for the third quarter ended September 30, 2020. Net revenues were $32.82 billion, and net earnings were $5.20 billion for the first nine months of 2020.; this performance beat all expectations. Today its stock closed at $211.30.
- Bank of America (B.A.C.)- reported Total revenues of $20.3 billion with a net income of $4.9 billion, or $0.51 per diluted share; its stock closed at $23.72.
- Wells Fargo (WFC)-reported 3Q20 earnings that fell to $18.6 billion from $22.01 billion in the prior-year period. These earnings missed expectations. Its stock closed at $23.29.
On to markets,
- The Dow Jones Industrial Average closed at 28,514.00, down 165.81 points, or 0.58%.
- The Standard & Poor’s 500 Index closed at 3,488.67, down 23.26 points, or 0.66%.
- The NASDAQ Composite Index closed at 11,768.73, down 95.17 points, or 0.80%
- The Birling Capital Puerto Rico Stock Index closed at 1,649.86, down 29.85 points, or 1.78%
- The U.S. Treasury 10-year note closed down at 0.73%.
- The U.S. Treasury 2-year note closed down at 0.14%.