Stocks fall on Wall Street, trimming weekly gains

March 28th, 2009 - 8:58 am ICT by IANS  

Barack Obama New York, March 28 (DPA) US stocks fell Friday after two leading banks said they made less money in March, but the major indices were still up at least six percent for the week.
JP Morgan Chase & Co and Bank of America Corp said that earnings had fallen this month after they made money in the first two months of the year, pushing their shares down more than three percent, Bloomberg financial news reported.

Some of the nation’s top bank chiefs met President Barack Obama earlier Friday, saying that they would work with him towards the economic recovery, and agreed on the need for an overhaul of financial market regulations.

Obama was courting support from banking executives in an effort to transcend the furious standoff between the public and the industry over bailouts and bonuses and tackle the heart of the economic problems.

The blue-chip Dow Jones Industrial Average shed 148.38 points, or 1.9 percent, to 7,776.18, but gained 6.8 percent on the week. The S&P 500 fell 16.92 points, or two percent, to 815.94, but was still up 6.2 percent for the week.

The Nasdaq slid 41.80 points, or 2.6 percent, to 1,545.20, but added six percent for the week. All three indices remain down for the year amid the global recession, but have been rallying for much of March.

The US currency climbed against the euro to 75.25 euro cents from 73.99 euro cents Thursday and rose to 97.86 Japanese yen from 97.82 yen.

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