Wall Street is mixed after reports showed the U.S. economy continues to storm ahead despite much higher interest rates that have already lashed the stock market.
Wall Street is mixed Thursday after reports showed the U.S. economy continues to storm ahead despite much higher interest rates that have already lashed the stock market. Some big-name companies also warned about an uncertain global economy hitting their profits. The Standard & Poor's 500 was 0.2% lower in early trading, coming off an eighth drop in 10 days that dragged it to its lowest close since May. The Dow Jones industrial average was up 53 points, or 0.2%, as of 9:45 a.m.
“Higher and hold, yes,” said Lindsay Rosner, head of multi-sector fixed income investing at Goldman Sachs Asset Management. “Higher and hiking, no.” Even better-than-expected profits from some of Wall Street’s most influential companies haven’t been enough to arrest the market’s slide. Meta Platforms dropped 5.2% even though the parent company of Facebook and Instagram reported fatter profit and revenue for the latest quarter than analysts expected.
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