Wall Street closes week in the red pushed by falls in banking

The main US indices fell in the last session of the week, despite Joe Biden's announcement of the stimulus package he wants to see approved. Banking results, which, while far from ideal, were even better than expected, pulled Wall Street down.

Wall Street closed the week in the red, with the top three indices accusing the bank of reported poor results, which were even slightly above expectations. The plans of the next US president for a stimulus package were not enough to dispel investor concerns about some signs of the US economy.

The Dow Jones ended the session losing 57% to 30.814,26 points, while Nasdaq led the losses, falling 0,87% to 12.998,50 points. The S&P 500 closed down 0,71% to 3.768,45 points. Still, the declines could have been greater, as the Dow dropped 300 points in the afternoon.

The results coincide with the reporting day of the quarterly results of American banking, which presented mixed results, but fell between 2%, in the case of JPMorganChase, and 7,80% in the case of Wells Fargo. Interestingly, both banks even reported better than expected results.

The announcement of the economy support plan also seems to no longer have the effect it has achieved in past sessions. The next US president announced on Tuesday that he plans to see a third stimulus package approved that includes a federal unemployment benefit of $ 400 (€ 331,19) a week and direct payments of $ 1.400 (€ 1.159,17).

Oil is also losing ground, seeing its price drop 2,63% in the case of Crude WTI, partly due to new outbreaks of Covid-19 in the US, but also in China.


Nasdaq was the only one to 'green' at the close of the session on Wall Street

Amazon, Apple, Microsoft and Alphabet closed with gains. The shares of Beyond Meat - the brand that revolutionized the industry by creating meat-flavored vegan foods - rose 1,30% to $ 145,62, after announcing an agreement with McDonald's and Yum! Brands.

DBRS maintains Portugal's rating at 'BBB' level

“The impact on Portugal's credit profile will depend on the duration of the shock [of Covid-19 in the economy] and on structural changes in the medium-term growth prospects and weakening public finances”, says the financial rating agency.

CMVM issued decisions in 11 administrative offenses in the fourth quarter of 2020

The entity chaired by Gabriela Figueiredo Dias also revealed that, in the fourth quarter of 2020, “a court case was decided regarding the violation of duties related to the activity of collective investment organizations”, and at the end of last year “were two pending decision cases in the courts ”.