Large sofas down on red coloured Wall Street

New York stock exchanges went into the long weekend with a loss on Friday. Investors on Wall Street processed the support plan of upcoming President Joe Biden, who wants to allocate 1.9 trillion dollars to the US economy. In addition, the financial sector was under pressure following results from major banks JPMorgan Chase, Citigroup and Wells Fargo. Furthermore, there were also disappointing figures about retail sales in the United States.

The Dow-Jones index ended 0.6 percent in the minus at 30,814.26 points. The wide S&P 500 dropped 0.7 percent to 3768.25 points and Nasdaq technology fair fell 0.7 percent to 12,803.93 points. Monday, Wall Street will be closed for Martin Luther King Day.

With its โ€œAmerican rescue planโ€, Biden wants to make $1 trillion available to help families, for example by raising the federal minimum wage to $15 an hour. In addition, $440 billion goes to businesses and an emergency fund for local authorities, and $400 billion goes to direct control of the coronavirus. In February Biden wants to come up with a more extensive aid plan.

JPMorgan Chase

The bank figures were not well with investors, as JPMorgan Chase, the largest bank in the US, lost 1.8 percent. Citigroup and Wells Fargo yielded up to 7.8 percent. Industry mates such as Goldman Sachs, Morgan Stanley and Bank of America were reduced to almost 3 percent.

American retail sales went down again in December, because, for example, the catering industry and shops had to close due to new lockdowns against the spread of the coronavirus. In November there was also a decline.

ExxonMobil

Oil group ExxonMobil was also in the spotlight with a minus of 4.8 percent. According to business newspaper The Wall Street Journal, SEC is investigating ExxonMobil on the valuation of assets in the oil and gas rich area of Permian Basin in the south of the US, following complaints by a whistleblower to the company.

The euro stood at USD 1.2080, against USD 1.2098 at the end of trade in Europe. A barrel of American oil was 2.8 percent cheaper at $52.20. Brent oil fell 2.7 percent in price to 54.92 dollars a barrel.