Key Advisors Group co-owner Eddie Gabur discusses the market and inflation.
U.S. stocks ended lower on Thursday as investors took mixed bank profits, as did Elon Musk’s proposal to make Twitter private.
Ticker security Last change% I: DJI DOW JONES AVERAGE 34451.23 -113.36 -0.33% SP500 S&P 500 4392.59 -54.00 -1.21% I: COMP NASDAQ COMPOSITE INDEX 1339251.07% -29.00%
For the week, as the financial markets are closed for Good Friday, all three main averages registered losses.
Fred DeMarco, right, works with fellow traders on the New York Stock Exchange, Friday, February 2, 2018. Technology companies kept stocks generally lower at the beginning of trading, extending the market downturn until day two. (AP Photo / Richard Drew)
Twitter gave up profits after Tesla CEO Elon Musk offered to take the company privately in a $ 40 billion deal. He noted that his offer was the best and final. The Twitter board is meeting today to review the deal.
In a TED interview, Musk insisted that there were funds to fund the deal, and if Twitter did not accept it, he said he had another plan, without being specific. Meanwhile, the Wall Street Journal reported that the social media giant could use a strategy with poison pills, a method to repel unwanted ingestions, in an attempt to defeat Musk.
Ticker Security Last Modified Change% TWTR TWITTER INC. 45.08 -0.77 -1.68%
Tesla, whose chief executive is Musk, has seen its shares fall as investors assess how its battle for Twitter could affect the carmaker.
Ticker Security Last Modified Change% TSLA TESLA INC. 985.00 -37.37 -3.66%
Shares of Wells Fargo fell after profit and earnings fell from a year earlier. The bank’s revenue was $ 17.6 billion versus $ 18.5 billion, while profits were 0.88 versus $ 1.02 a year ago.
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Ticker security Last change Change% WFC WELLS FARGO & CO. 46,33 -2,24 -4,61%
Goldman Sachs returned profits after profits and earnings exceeded Wall Street forecasts, although the results were lower than a year ago. A similar story unfolded at Morgan Stanley, whose shares closed higher.
JPMORGAN PROFIT FALLS BY 42% IN TRADE DELAYS, TRADE
Ticker Security Last Modified Change% GS THE GOLDMAN SACHS GROUP INC. 321.45 -0.94 -0.29% MS MORGAN STANLEY 84.79 +0.58 + 0.69%
Oil rose about 8 percent in the shortened trading week, with US crude closing at $ 106.95 a barrel and Brent at $ 111.70.
RUSSIA INVASES UKRAINE: LIVE UPDATES
Ticker Security Last Change Change USO UNITED STATES OIL FUND LP 79.57 +1.15 + 1.47% BNO UNITED STS BRENT OIL FD LP UNIT UNIT 31.70 +0.69 + 2.23%
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In the economic data new statements about unemployment benefits rose to 185,000 from 167,000 the previous week. Ongoing claims, which track the total number of unemployed collecting benefits, have dropped to 1.475 million.
Retail sales in March increased by 0.5% per month compared to the previous month, except for car sales increased by 1.1%. For the year, sales increased by 6.9%.
WHOLESALE PRICES GO UP 11.2% IN MARCH, HIGHEST REGISTRATION LEVEL
Prices of imported goods rose by 2.6% per month, the largest increase in 11 years. Export prices jumped 4.5%
Consumer sentiment from the University of Michigan in April rose to 65.7 from 59.4 in March, the highest since January.
Bitcoin jumped before falling below the $ 40,000 level.
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Ken Martin of FOX Business and the Associated Press contributed to this report.
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