NEW YORK (Dow Jones) – The prices on Wall Street fall after a very weak Michigan Index to Friday afternoon under considerable selling pressure . By 16.38 BST clock loses the Dow Jones index of 30 industrials ( DJIA ) 1.6 % or 165 to 10 195 points for the S & P 500 is about 1.8% , or 19 to 1077 points down. (Photo : Schneider )
The Nasdaq Composite is compared to 1.8 % or 41 points to 2208 .
The index for the University of Michigan consumer sentiment in the U.S. has declined in July, according to the results of the first survey to 66.5 . Economists surveyed by Dow Jones Newswires had expected the index level at 75.0 .
Recent disappointing economic data feed , according to the Helaba worries about a relapse of the U.S. into a recession and charge according to the sentiment of consumers. Even the U.S. labor market was able to show any sustained improvement , which are reflected also in the mood.
Even by the most recent company figures show that investors little done . After the first reports from Alcoa and Intel are still celebrated, now returns a disillusionment. Although the earnings estimates of analysts in many cases surpassed easily , but some companies have problems on the revenue side, the focus could include General Electric ( GE ) as set out expectations.
This is also in the banking sector clearly where the reporting day figures from Bank of America and Citigroup are to process . In both cases, the institutions have indeed produced better -than-expected numbers, which can excite investors , however. This results in a similar picture as before with JP Morgan. The investors are from the quality of the figures are not convinced, and are particularly impressed by the low sales .
For Citigroup , it is about 4.8% to $ 3.96 down , Bank of America did give 6.6 % to $ 14.38 . Bucking the trend against Goldman Sachs in drag by 3.2 % to $ 149.87 . The Bank has agreed with the SEC on a payment of $ 550 million to settle the ongoing litigation. This represents indeed the highest ever paid penalty of a U.S. bank, however , investors are relieved.
According to weaker sales figures lose GE significant 3.1% to $ 14.78 . Buoyed by an improving economic environment again , although the net profit climbed to 3.1 billion USD to 2.7 billion USD last year. GE earned $ 0.28 per share , analysts had expected earnings per share of $ 0.27 . Revenues decreased contrast in the three months rose 4% to 37.44 billion USD. Here, the 38.43 billion USD industry observers had expected.
Also in the technology sector is strong for the prices down. After disappointing figures Google losing 5.3% to $ 468.02 . The search engine providers had submitted after the closing bell figures below market expectations. The Internet company in the second quarter of 2010 thanks to the recovery in advertising markets , although its profit increased, the missed analysts’ earnings expectations , however .
At AMD, meanwhile, despite good numbers it comes to profit taking. The company is indeed in the second quarter benefited from rising demand for computer chips and exceeded market expectations. In the weak environment that helps but does not , the shares lost 2.2% to $ 7.25 .
DJG / DJN / mpt / ros / voi