NEW YORK, NY / ACCESSWIRE / April 17, 2017 / Rising geopolitical tensions continued to weigh on the markets on Thursday. The Dow Jones Industrial Average declined 0.67 percent to close at 20,453.25, down 0.97 percent for the week, while the S&P 500 Index fell 0.68 percent to close at 2,328.95, down 1.13 percent for the week. There is "some concern among investors that there is now a shift going on in Washington to international and away from a domestic policy," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago, according to Reuters.
Additionally, Citigroup Inc. and Wells Fargo & Co. kicked off what is expected to be a strong earnings season. Earnings for the S&P 500 are expected to increase by 10.4 percent in the first quarter, according to data from Thomson Reuters I/B/E/S.
RDI Initiates Coverage on:
Wells Fargo & Co.
Citigroup's shares declined 0.80 percent to close at $58.04 a share on Thursday. The stock traded between $57.68 and $59.73 on volume of 31.78 million shares traded. Citigroup reported earnings per share grew to $1.35 in the first quarter of 2017, from $1.10 a year ago. Citi's first-quarter profit rose 17 percent as rising interest rates boosted client trading activity. Quarterly profit at the New York-based bank increased to $4.09 billion from $3.50 billion a year ago, topping forecasts of $3.48 billion. The bank's first-quarter trading revenue, excluding an accounting adjustment, increased to $4.39 billion from $3.75 billion a year ago. Investment banking activity also leapt in the first quarter, with revenue up 39 percent from a year ago to $1.21 billion. Shares of Citigroup have declined approximately 2.34 percent year-to-date.
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Wells Fargo's shares declined 3.33 percent to close at $51.35 a share on Thursday. The stock traded between $51.35 and $52.75 on volume of 47.98 million shares traded. Wells Fargo reported a profit of $5.46 billion for the first quarter of 2017, or $1.00 a share, flat when compared with a profit of $5.46 billion, or $0.99 a share, in the same period a year ago. Revenues were $22.0 billion for the first quarter of 2017, down from revenues of $22.2 billion a year ago. Analysts polled by Thomson Reuters forecasted earnings of $0.97 a share on revenues of $22.3 billion. Shares of Wells Fargo have declined approximately 6.82 percent year-to-date.
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