US Stocks fall on Bank of America earnings

April 22nd, 2008 - 6:51 am ICT by admin  

New York, April 22 (DPA) Most US stocks fell Monday after Bank of America reported a sharp drop in earnings, sparking fears that the country’s credit crisis may not be over just yet. The second-largest US bank said profits declined 77 percent to $1.21 billion in the first quarter. Chief executive Kenneth Lewis said the results were “much worse” than the company had predicted only three months earlier.

The price of oil meanwhile reached yet another record, climbing to $117 per barrel in New York trading and boosting energy shares.

The blue-chip Dow Jones Industrial Average fell 24.34 points, or 0.19 percent, to 12,825.02. The broader Standard & Poor 500 Index was down 2.16 points, or 0.16 percent, to 1,388.17. The Nasdaq Composite Index climbed 5.07 points, or 0.21 percent, to 2,408.04.

The dollar dropped against the euro to 62.85 euro cents from 63.22 euro cents Friday, and also against the Japanese currency to 103.26 yen from 103.67 yen.

Tags: , , , , , , , , , , , , ,

Posted in Business |