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Category: Stockmarket / Currency / Futures / Markets

US stocks fall on bank decline

Friday, 8 Apr 2016 06:48:29 | Rebecca Hyam

Traders work on the floor of the New York Stock Exchange on August 4, 2011. US stocks plunged after a one-day reprieve with all three major indexes down more than 1 per cent. (Reuters: Brendan McDermid)

Stocks in the United States lost value overnight, led lower by the banking sector, as the market prepared itself for a tough first quarter earnings season.

Citi Group was one of the worst performers, with a loss of 3.9 per cent, Goldman Sachs shed 3.1 per cent and JP Morgan Chase closed 2.5 per cent lower.

Analysts were expecting earnings for S&P 500 companies to be down about 8 per cent in the first quarter.

Oil prices also retreated overnight and concerns about the strength of the global economy resurfaced.

The Dow Jones Industrial Average closed 1 per cent lower at 17,541.

The S&P 500 Index fell 1.2 per cent to 2,041 and the Nasdaq ended 1.5 per cent lower at 4,848.

European markets were also shaken in the overnight trading session and, in London, the FTSE 100 index gave up 0.4 per cent to 6,136.

The local share market is on track for a weak open and at 7:30am (AEST), the ASX SPI 200 was down 1 per cent to 4,898.

At the same time, the Australian dollar had fallen to 75.05, having come under pressure overnight.

On the cross-rates, it was buying 65.96 euro cents, 53.39 British pence, 81.15 Japanese yen and $NZ1.108.

West Texas crude oil had eased to $US37.25 a barrel, a barrel of Tapis was lower at $US39.64, but spot gold had risen to $US1,240.29 an ounce.

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