As the World Bank has downgraded global growth forecasts and the concern over the growth of Euro region rose higher, the US stocks have experienced a decline. The benchmark gauge of the country, Standard and Poor’s 500 Index went down by 0.1% and is at 1470.65 currently. The gauge incidentally posted good gains yesterday. The Dow Jones Industrial Average, on the other hand, has gone down by 36.87 points and is at 13498.02. Incidentally, the overall trading volume in the S&P companies was along the lines of the average of last 30 days.
Walter Todd, the Chief Investment Officer of Greenwood Capital Associates LLC stated that it is natural for the market to take a breather under current global economic situation. Walter even stated the despite the lower estimates published by Germany and the World Bank, earnings in US have been pretty decent.
In December, the Industrial production in US jumped up for the 2nd month on a row. The overall demand picked up for the business equipment and gave signals of expansion of factories. Coming to company stocks, the largest US bank by Assets, JPMorgan shares declined by 0.5% as the annual revenue of the bank got down to a lower level. The 2011 revenue was at $97.2 billion, however the same dropped to $97 billion in 2012. Still, the company profits for the last quarter of 2012 increased by 53%, thanks to higher mortgage revenues.
Boeing Co. experienced a drop of 3.4% in its share prices, whereas, the largest custody bank in the world, Bank of New York Mellon plummeted by 2.6%, each of the shares being priced at $26.08 currently. The net income of the company however climbed up to 53 cents per share, as far as the released reports are concerned. As the expected 4th quarter profit is lower than the initial estimates, Chipotle Mexican Grill Inc. got down by 5.3%. After consecutive rallies for the last 2 days, Dell Inc. experienced decline in its share prices today. Shares got down by 4.7% and are priced at $12.56 per share. Reportedly, the 3rd largest PC maker in the world is on a leveraged buyout discussion with private equity firms Silver Lake and TPG Capital. Goldman Sachs, which is expected to publish its earnings report in this week, got down by 2.5%. Each share is priced at $139 currently.