Wall Street closes lower as financials weigh
|U.S. stocks closed lower on Friday as they couldn't draw inspiration from European stocks, which wrapped up the week at 15-month high amid the relaxation over the Dutch election outcome.
Cautious tone of the Federal Reserve continue to be a drag on financials. Major banks such as Wells Fargo and Bank of America recorded heavy losses on Friday, dragging the S&P 500 financial sector, .SPSY, down more than 1%. However, the technology sector, .SPLRCT, helped the S&P 500 find support, led by Adobe Systems Inc which reported better-than-expected quarterly revenue and profit.
The Dow Jones Industrial Average was down 19.93 points, at 20,914.62 and the S&P 500 dropped 4.5 points, or 0.17% percent, at 2,364.75, whlile the tech-heavy Nasdaq was flat at 5,901.00.
Headlines from the US session:
- US: Key events for next week - Danske Bank
- WTI ignores the oil-rig count
- S&P lifts Russian sovereign outlook to positive from stable - RTRS
- Strong US data keeps the pressure on the Federal Reserve - ING
- US: Consumer sentiment remained quite favorable in early March
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