Major stocks in the United States settled lower on Friday’s closing bell and investors are currently focusing on the presidential election in France. Wall Street endured U.S. President Donald Trump’s remarks on tax reform and slumping oil prices.
The S&P 500 was 0.3 percent lower due to its falling telecommunications by 1 percent. The Nasdaq composite slightly edged down by 0.1 percent. The Dow Jones industrial average lost more than 30 points with IBM as its major decliner. However, the index shortly rose in afternoon trade when Trump said to The Associated Press that his administration will enact a “massive tax cut”.
In other news, Visa, one of Dow’s components, announced a surprisingly higher first quarter results and reported a $5 billion deal of class A stock. Other Dow component General Electric’s also released revenue and earnings report that surpassed Wall Street’s expectations.
These three indexes were on track to report weekly gains, along with the S&P 500 higher by 1 percent. Most of the stocks were bolstered by firm first quarter earnings. Still, major indexes settled lower for April, with the Dow Jones and S&P dropping below their 50-day average.
In addition to the leading decliners, Energy was down about 0.4 percent following the drop of U.S crude oil by 2.5 percent and finished at $49.62 a barrel.
Elsewhere, right after the unexpected surge in polls of far-left candidate Jean-Luc Melenchon, concerns on the French election have been growing over the past month. Worries on Marine Le Pen’s victory had rose following the Paris shooting incident. The far-right candidate repeatedly suggested that she’ll pull France from the euro zone and the European Union if she wins.