Rock solid quarter on Wall Street ending with a whimper

← Homepage

Wall Street edged lower on Friday, held down by Exxon and JPMorgan Chase as investors wrapped up a strong quarter and weighed whether corporate earnings reports will justify the market's lofty valuations. Major indexes have hit a series of record highs following the election of President Donald Trump on bets that he would improve economic growth by cutting taxes and boosting infrastructure spending. The rally has also benefited from a raft of robust economic data and a pickup in corporate earnings growth. For the quarter ending Friday, the S&P 500 is on track to end 5.6 percent higher with the Dow Jones Industrial Average up 4.5 pct, their biggest first-quarter gains in four years. Investors are now looking to the upcoming quarterly earnings season to justify pricy valuations. First-quarter earnings for S&P 500 companies are expected to rise 10.1 percent, according to Thomson Reuters I/B/E/S. The index is trading at about 18 times earnings estimates for the next 12 months, compared to its long-term average of 15.

"Valuations are as stretched as they ever get," said Bruce Bittles, chief investment strategist at Robert W. Baird & Co in Nashville. "Certainly that's cause for concern if earnings don't grow the way the are anticipated to grow."At 2:25 pm ET, the Dow Jones Industrial Average . DJI was down 0.28 percent at 20,671.29 points, while the S&P 500 . SPX had lost 0.10 percent to 2,365.55. The Nasdaq Composite . IXIC added 0.02 percent to 5,915.42.

Six of the 11 major S&P sectors fell, with the financial index . SPSY down 0.57 percent. JPMorgan Chase (JPM. N) fell 1.32 percent and Wells Fargo & Co (WFC. N) lost 0.78 percent. Also weighing on the S&P 500 and Dow, Exxon Mobil (XOM. N) fell 1.92 percent.

Major internet providers say will not sell customer browsing histories WASHINGTON Comcast Corp, Verizon Communications Inc and AT&T Inc said Friday they would not sell customers’ individual internet browsing information, days after the U.S. Congress approved legislation reversing Obama administration era internet privacy rules.

Snapchat adds more accessible search feature Snap Inc said on Friday its Snapchat messaging app would add an option for users to search through photos and videos that users have posted to the public.

var dz_final = TR3.extractDartZone(); // leaderboard if( 'bi_content_article' == 'leaderboard'){ //US/UK HOME FASTLANE if((TR3.extractDartZone().indexOf("us.reuters") > -1) || (TR3.extractDartZone().indexOf("uk.reuters") > -1) || (TR3.extractDartZone().indexOf("jp.reuters") > -1)){ if(typeof(Reuters)!='undefined' && typeof(Reuters.info)!='undefined' && typeof(Reuters.info.channel)!='undefined') {displayAd_sync_fastlane(dz_final, "articleID=USKBN1721G8;storychannel=" + Reuters.info.channel + ";" + adParams2 + "" );} else{ displayAd_sync_fastlane( dz_final, "articleID=USKBN1721G8;" + adParams2 + "" ); } } else{ if(typeof(Reuters)!='undefined' && typeof(Reuters.info)!='undefined' && typeof(Reuters.info.channel)!='undefined') { displayAd_sync(dz_final, "articleID=USKBN1721G8;storychannel=" + Reuters.info.channel + ";" + adParams2 + "");} else{ displayAd_sync( dz_final, "articleID=USKBN1721G8;" + adParams2 + "" ); } } } else if('bi_content_article' == 'mpu'){ googletag.cmd.push(function() { googletag.display('div_gpt_mpu'); }); } else if('bi_content_article' == 'mpu2'){ googletag.cmd.push(function() { googletag.display('div_gpt_mpu2'); }); } else if('bi_content_article' == 'mpulow'){ googletag.cmd.push(function() { googletag.display('div_gpt_mpulow'); }); } else if('bi_content_article' == 'leaderboardcenter'){ if((TR3.extractDartZone().indexOf("us.reuters") > -1) || (TR3.extractDartZone().indexOf("uk.reuters") > -1)|| (TR3.extractDartZone().indexOf("jp.reuters") > -1)){ googletag.cmd.push(function() { googletag.display('div_gpt_lb_center'); }); } else{ displayAd("div_gpt_bi_content", dz_final, [[265,260],[1,1]], "type=bi_content_article;articleID=USKBN1721G8;" + adParams2 + "" ); } } else if('bi_content_article' == 'leaderboardlow'){ if((TR3.extractDartZone().indexOf("us.reuters") > -1) || (TR3.extractDartZone().indexOf("uk.reuters") > -1) || (TR3.extractDartZone().indexOf("jp.reuters") > -1)){ googletag.cmd.push(function() { googletag.display('div_gpt_lb_low'); }); } else{ displayAd("div_gpt_bi_content", dz_final, [[265,260],[1,1]], "type=bi_content_article;articleID=USKBN1721G8;" + adParams2 + "" ); } } else{ if(typeof(Reuters)!='undefined' && typeof(Reuters.info)!='undefined' && typeof(Reuters.info.channel)!='undefined'){ displayAd("div_gpt_bi_content", dz_final, [[265,260],[1,1]], "type=bi_content_article;articleID=USKBN1721G8;storychannel=" + Reuters.info.channel+ ";" + adParams2 + "" ); } else{ displayAd("div_gpt_bi_content", dz_final, [[265,260],[1,1]], "type=bi_content_article;articleID=USKBN1721G8;" + adParams2 + "" ); } }