Overnight Market Brief – 17 January 2022

Major bank stocks declined after their earnings reports on Friday, weighing on the US markets as Wall Street notched a second straight negative week to start the year. The Dow Jones Industrial Average (-0.56%) slid 201.81 points to 35,911.81. The S&P 500 (+0.08%) inched up to 4,662.85, while the Nasdaq Composite (+0.59%) closed at 14,893.75. Bank stocks, which had outperformed in recent weeks as interest rates moved higher, were broadly lower as their reports appeared to underwhelm investors despite strong headline numbers.

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