The Latest News:

  • Broad U.S. equities are stuck in a sideways market as a fresh bout of financial concerns over Portuguese lenders shook global markets.
  • “There is worry about contagion,” Thomas Roth, a government bond trader at Mitsubishi UFJ Securities (USA) Inc, said in a Wall Street Journal article. “The theory is that it could lead to bank failures and throw us back into recession.”
  • Consequently, U.S. equities experienced its largest weekly loss since April, reports Steve Rothwell for Seattle Times.
  • Wall Street is heading into earnings season, and investors are expecting to see growth in profits, with a 6.5% rise in S&P 500 earnings, compared to the same period last year.
  • “The market is looking for signs of strength and certainly earnings are going to figure pretty heavily,” Jim Russell, a regional investment director at US Bank, said in the Seattle Times article.

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Max Chen contributed to this article.