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theusnews.com

Wall Street suffers worst week since 2020 amid rate concerns

NEW YORK, Jan. 22 (Xinhua) -- U.S. equities extended losses for the past week, with the Nasdaq and the S&P 500 notching their worst week since the onset of the COVID-19 pandemic. For week ending Friday, the S&P 500 and the tech-heavy Nasdaq shed 5.7 percent and 7.6 percent, respectively,...
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eminetra.com

Wells Fargo Is Up, JPMorgan Is Down: Bank Stocks Are Diverging in 2022

WFC -2.42%. & Co. shares fell in the past week along with the broader market, but they’re still up 12% for the year. The bank is well positioned to benefit from rising U.S. interest rates, given its large base of U.S. deposits and loans. Analysts at KBW, who rate the stock outperform, recently raised its price target to $67, citing stronger-than-expected growth in net interest income. Wells Fargo closed Friday at $53.67.
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U.S. stocks end lower Friday, Nasdaq books worst week since March 2020

U.S. stock indexes closed lower Friday, capping another punishing week for growth and technology stocks as investors await a Federal Reserve update next week on how aggressively interest rates may rise and financial conditions tighten to tame inflation. The Nasdaq Composite Index led the three stock benchmarks lower Friday, ending down 2.7%, but off 7.6% for the week, which was its worst weekly decline since March 2020, according to Dow Jones Market Data. The Nasdaq also entered correction territory mid-week, commonly measured as at least a 10% decline from its recent record close, and recorded its worst start to a year through Friday since the 2008 global financial crisis. Rising 10-year Treasury yields, up about 25 basis points near 1.74% this year, also have pressured speculative stocks and total returns of riskier assets. The S&P 500 index tumbled 1.9% Friday and 5.7% for the week, while the Dow Jones Industrial Average fell 1.3% for the session and 4.6% for the week, pulled lower in part by jitters about pinched margins as major banks kicked off fourth-quarter earnings.
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