News from the world’s financial markets by stock market expert Marcus Padley.
National Australia Bank (NAB) will restructure their UK businesses after it contributed to a 15.6% fall in earnings. The UK businesses will be simplified to adapt to weak UK economic conditions.
Standard & Poors’ has cut Spain’s credit rating this morning. The Dow futures dropped from being up to down 41 on the news.
The Nasdaq finished up 2.3% -- its best day this year after Apple reported better than expected results and jumped 8.87%
European markets were also down -- Germany lost 3.36%.
The S&P 500 closed up 0.12% and recorded its first weekly gain in six weeks, up 0.6%
US and European markets were down for a second straight day
European markets were down on renewed concerns about Spain and Spanish banks.
The Dow closed up 194 and was up 210 at best for its biggest one day rally in a month on a successful Spanish Bond auction.
The S&P 500 ended the day flat, while the Nasdaq was down 0.8% as Apple fell 4%.
The Dow closed down 137 on Friday on weak Chinese GDP numbers for March (announced on Friday in our session) .
