Street Snaps Winning Streak on Friday; Consumer Sentiment Hits 9-Month Low
After a disappointing retail sales report, the markets slumped on Friday and ended their four-day winning streak. March retail sales fell more than expected and consumer sentiment also dropped below what was anticipated. Oil futures fell to the lowest levels since March, and gold dropped by 4% to settle at a price last seen twenty-one months ago. JPMorgan Chase (JPM) released Q1 results and net income that surged 33% and Wells Fargo (WFC) also released income that jumped by 23%.Eli Lilly and Co (LLY) dropped after sharing plans to cut about 1,000 jobs in the US. Despite Friday's retreat the major indices were able to notch weekly gains.
Word on the Street
- Euro zone finance ministers back Cyprus' 10 billion euro bailout plan.
- Energy stocks and mining companies drag down indices after a four-day surge.
- Dutch company DEMB (DEMBF) agrees to a $9.8 billion buyout from a German investment company.
- Consumer sentiment falls to a nine-month low in April.
- Oil sees another large drop on Friday as retail sales add to economic concerns.
- Hewlett-Packard (HPQ) Shareholders Push Back.
Published on Apr 12, 2013By InvestorGuide Staff