Markets sink on mixed bank earnings
Wall Street sold off for a second-straight day Wednesday when America’s big banks delivered very mixed results. Goldman Sachs beat earnings and revenues and blew away estimates in EPS. Despite that, the bank stock rose only 0.2%. It was a different tale at Wells Fargo and the Bank of America which both missed earnings. Wells Fargo, which is barely positive year-to-date, sank 6% while BAC slid 5.33%.
The major American indices closed between -0.58% and -0.8%. Of the Dow components, only industrials showed any consistent strength. A day after unveiling the latest iPhone, Apple was essentially flat. Meanwhile, markets and Americans still wait for a stimulus package.
The TSX declined only 0.33%, cushioned by a 1% rally in materials, though tech, telcos and real estate weighed down the index. Kinross Gold climbed over 3% in heavy trading, while Teck Resources popped 4%. Cannabis gave back recent gains; Aphria slipped by 3.62%. Hip fashion retailer, Aritzia, delivered another impressive quarterly report and sent the stock rising 2.62%. Crude oil also enjoyed gains, with a barrel of WCS climbing over 1.5%. Gold remained steady around US$1,900/ounce.