Friday the New York stock markets entered the Pentecost weekend with losses.
A speech by Fed president Janet Yellen at first caused no commotion but finally caused red signs. Yellen indicated that interest rates in the United States could potentially go up this year.
Dow Jones, S&P500 and Nasdaq
The Dow Jones index finally closed 0.3 percent in the minus at 18232.02 points. The S&P500 ended 0.2 percent lower at 2126.06 points. The Nasdaq closed marginally lower at 5089.36 points. On Monday, Wall Street is closed for Memorial Day.
According to Yellen the American economy is back on track after a difficult first quarter. It is good to take a first step in raising interest rates this year. She emphasized that it is time to begin the process of normalization of the monetary policy.
At macroeconomic level it was announced that the inflation rate in April in the US decreased 0.2 percent annual rate, compared with a minus of 0.1 percent a month earlier. That figure met the average forecast of economists. Fuel and food prices went up by 1.8 percent last month.
Time Warner Cable (TWC) saw its market value rise by 3.4 percent. Chairman Rob Marcus TWC would be negotiating with the French cable operator Altice about a possible takeover of the US company, The Wall Street Journal reported Friday according to insiders.
Manufacturer of agricultural machinery Deere posted 4.4 percent higher. The company raised its profit forecast for the full year despite a deterioration in the results in the quarter. The company had to cope with weaker demand for its agricultural equipment.
Aeropostale and Foor Locker
The chain of children’s clothing stores Aeropostale lost more than 15 percent after a profit warning. Sports Retailer Foot Locker brought better than expected results out but still stood at a minus of 0.8 percent.
Euro and Oil
Friday the euro was worth 1.1010 dollars against 1.1026 dollars at the end of the European trading. The price of a barrel of American oil slumped 1.3 percent to $ 59.93. Brent oil was 1.5 percent cheaper and cost $ 65.57 per barrel.