The US Stock Market Ends Lower On Weak Retail Sales Data

Stocks on Wall Street fell on Friday after weak US retail sales data overshadowed a boost from better-than-expected bank results.

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Retail sales decreased by a rather large one percent in March, extending a downward trend that indicates an economic slowdown.

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But, this bleak reading was offset by surprisingly strong profits from JPMorgan Chase and other big banks, which reassured investors concerned about the industry.

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The Dow Jones Industrial Average finished 0.4 percent down at 33,886.47.

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The S&P 500 fell 0.2 percent to 4,137.64, while the tech-heavy Nasdaq Composite Index fell 0.4 percent to 12,123.47.

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According to Oanda's Edward Moya, Friday's losses were caused in part by anticipation that the Federal Reserve will raise interest rates at least once more following new "hawkish" statements from officials.

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"Wall Street became spooked following JPMorgan's good results, increasing inflation expectations, and some hawkish Fed talk," Moya added, referring to concerns that the Fed would hike rates not just in May, but also in June.

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JPMorgan Bank rose more than 7% after reporting a stellar earnings report, while Citi rose 4.8 percent.

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PNC Financial Services rose 0.4 percent following its results report, while Wells Fargo remained unchanged.

Meanwhile, Boeing fell 5.6 percent after revealing an issue with a supplier part on the 737 MAX that is anticipated to postpone new plane deliveries. Spirit AeroSystems, the supplier, fell 20.7 percent.

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