Friday, 20 October 2017

Wall Street indexes opened higher but shares in GE slid



The main Wall Street indexes opened higher but shares in GE slid after the conglomerate cut profit forecasts as its latest results missed estimates.

 
The Dow Jones rose 71.83 points to 23,234.87, while the wider S&P 500 index climbed 8.04 points to 2,570.14.


The tech-focused Nasdaq index was 26.68 points higher at 6,631.75.


GE shares fell 3.1% after it reported a 5% fall in third quarter earnings to $1.8bn, which was worse than expected.


The company also slashed its forecast for full-year operating profits to between $1.05 and $1.10 a share, compared with the estimate of $1.60-$1.70 a share it made in July.
However, bank stocks rose after the US Senate approved a budget blueprint for the 2018 fiscal year, a move that is being seen as raising the likelihood of tax cuts.


Shares in JP Morgan Chase rose 1% and Bank of America was 2% higher.




BBC       News.