Dow closes lower due to bank resultsGAINS POSTED: The NASDAQ and the S&P 500 rallied in the afternoon, assisted by rate-sensitive growth sectors, with technology moving up 0.89 percent by the closeReutersThe Dow on Friday closed lower dragged down by financial stocks as investors were disappointed by fourth quarter results from big US banks, which cast a shadow over the beginning of the earnings season. The S&P 500 bank subsector, which hit an intraday high in the previous session, closed down 1.7 percent. The sector has recently been outperforming the S&P as investors bet the US Federal Reserve’s expected interest rate hikes would boost bank profits. For the week, the S&P 500 fell 0.3 percent while the Dow fell 0.88 percent and the NASDAQ fell 0.28 percent. Analysts see S&P 500 companies earnings rising 23.1 percent in the fourth quarter, Institutional Brokers’ Estimate System data from Refinitiv showed.

Source: Taipei Times January 15, 2022 20:28 UTC