Wall Street records slight falls this Thursday after having posted strong gains on Wednesday.
The Dow Jones Industrial Average is down around 75 points, while the S&P 500 (-0.4%) and the Nasdaq Composite (-0.2%) give up their early gains and trade lower.
The mixed performance comes after indexes posted strong gains on Wednesday, with the Dow rising more than 700 points, marking the best day of trading since the euphoric post-election rally in November.
Stocks benefited from encouraging inflation data and strong results from big financial firms such as Goldman Sachs, JP Morgan and BlackRock.
The financial sector excites the market
The results of Bank of America and Morgan Stanley complemented the strong results of the big banks before the market opened, both reporting that their profits more than doubled last quarter.
Meanwhile, new data showed that retail sales rose 0.4% in December, falling slightly short of consensus forecasts for a 0.5% increase.
In Europe, indices traded higher while luxury stocks finally got a reprieve, posting strong gains after Cartier owner Richemont announced record quarterly sales.
Luxury stocks had struggled in 2024 due to weak consumer demand in China, with companies like Kering showing a 40% drop.
Source: Ambito
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