Stock prices fall... Ferrari’s IPO... American Express profit drop
NEW YORK (AP) — U.S. stocks closed today after a late-afternoon slide erased modest gains made earlier in the day. The decline added to the market’s losses from the day before and came as crude oil prices fell and investors focused primarily on the latest wave of companies reporting quarterly financial results.
NEW YORK (AP) — The Dow Jones industrial average fell 48.50 points, or 0.3 percent, to 17,168.61. The Standard & Poor’s 500 index lost 11.83 points, or 0.6 percent, to 2,018.94. The Nasdaq composite slid 40.85 points, or 0.8 percent, to 4,840.12.
NEW YORK (AP) — Ferrari roared onto the New York Stock Exchange today. Its shares, trading under the ticker symbol RACE, jumped sharply in their public debut. For Fiat-Chrysler — the companies joined last year — the IPO raises needed cash and also helps pare debt at the world’s seventh largest automaker.
NEW YORK (AP) — American Express reported a 16 percent drop in profits from a year earlier, missing analysts’ estimates. The credit card company was hurt by higher expenses and remains under pressure from the strong U.S. dollar. The company also cut its full-year forecast.
(Stations: Closed-door meeting scheduled to begin at 6:35 p.m. EDT)
WASHINGTON (AP) — President Barack Obama plans to call on Democratic lawmakers to support a trade deal with Pacific Rim countries during a White House meeting tonight. It’s not going to be an easy sell with many congressional Democrats. A key base of support, labor unions, worries that the deal would put downward pressure on wages.