Wall Street was down midweek.
Of the Dow Jones slipped into the red in the course of trading and finally fell 0.58 percent to 28,514.63 points.
After Tuesday’s setback, the first buyers quickly withdrew on Wednesday. The day before, the US benchmark index had paid tribute to its previous rally and fell by a good half a percent.
Initially, mixed company news and concerns about the worldwide development of the corona infection numbers had slowed down the willingness to take risks. Then US Treasury Secretary Steven Mnuchin provided an additional mood damper. Although he wants to continue negotiating, he believes that an agreement with the Democrats on another Corona economic stimulus program before the presidential election on November 3rd is difficult.
Balance sheets and takeover plans at a glance
The latest business figures from the banking sector met with a cautious response on the market. While the shares of Goldman Sachs showed little movement, the titles of the competitors lost Bank of America and Wells Fargo one.
Goldman was able to almost double its quarterly profit thanks to the flourishing stock exchange trading in the Corona crisis and increase earnings by 30 percent. The investment bank thus significantly exceeded analysts’ expectations. On the other hand, Bank of America reported a decline in business in the face of high provisions for bad loans and low interest rates. Wells Fargo had a similar experience – analysts had expected better numbers.
At the health insurer UnitedHealth the many corona infections in the third quarter did not eat up as much profit as feared, but the share still fell. Takeover plans in the oil industry, however, created enthusiasm. Concho Resources’ papers jumped significantly after insider sources heard that the oil giant ConocoPhillips He is holding takeover talks with the group, but these are still at an early stage. A reaction from both companies is still pending. With Concho Resources valued at around $ 13 billion, it would be the largest acquisition in the sector since the beginning of the year – arguably before the recent purchase of Noble Energy Chevron.
Meanwhile, the truck and bus manufacturer missed TRATON the shareholders of Navistar International a cold shower. The Volkswagen (VW) vzDaughter set them a deadline in the hanging game over the planned takeover of the US competitor. Navistar was informed that the previous offer would expire on October 16 at 6 p.m. (CEST). The raised offer of September 10th is $ 43 per share in cash. The shares of Navistar, which had climbed to more than 44 dollars since then, plummeted in double digits./gl/heRedaktion finanzen.net / dpa-AFX