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Bob Carey
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  US Stocks Ended April 13, 2017
Posted Under: Weekly Market Commentary

 
Equities lost ground during the Good Friday holiday-shortened week as investors evaluated geopolitical developments and weighed the start to corporate-earnings season. Markets are digesting increased tensions in North Korea, Syria, and Russia after a recent missile test by North Korea and the bombing of a Syrian government airbase by the United States. In economic news, wholesale prices slid in March for the first time since August 2016 as oil and gasoline prices fell.; A number of the largest banks kicked-off earnings season on Thursday with the Wall Street centric banks posting better results than their Main Street counterparts. JP Morgan Chase and Citigroup's investment banks benefited from strong trading results in fixed-income amid higher rates and security issuance. Wells Fargo & Co. reported disappointing results as new consumer accounts fell for the seventh consecutive month due in part to the firm scandal over opening unauthorized accounts for clients. The nation's largest home lender also saw a 23% decline in mortgage banking revenue as higher interest rates are limiting demand for refinancing. Shares of Whole Foods Market gained after an activist investor amassed a large position in the upmarket organic grocer. Janna Partners, the activist investor, is encouraging the management team to restructure operations and to potentially consider a sale. Looking ahead to next week, a number of bellwethers are set to report results including Johnson & Johnson, United Health Care Inc., Morgan Stanley and General Electric Co. While investors have pushed out the timing on pro-growth reform from the Trump administration, a strong corporate-earnings season could power the market to new all-time highs as fundamentals will likely be the key cog for stocks.
Posted on Monday, April 17, 2017 @ 8:24 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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