News from the Wall street by Nina Nevidzanska

The financial report from last Monday brought bad news again about the situation on Wall Street. The profit of many biggest companies fell more than expected. Bank of America, which is the second largest U.S. bank, sustained a loss 23 % last trading week. Also another financial institution, the National City Corp., subscribed to the whole worsened position of Wall Street´s stocks value. On the contrary the position of the worlds largest pharmaceutical company – the Merck & Co., Inc. is getting stronger, when this giant firm almost doubled its profit during the first quarter. The S&P 500 index fell as well, whereas the NASDAQ rose thanks to good operating of Apple Inc. Generally was the last trading week really poor, as the volume of trade declined on account of Passover holiday. The previous bad week did not avoid the old continent as well. The European stocks were falling due to losses in large globally operating companies, as Air France, then British Royal Bank and Barclay´s, which just indicates, that the European countries are not immune from the American crises. It can be said that almost all of the stocks values of airlines worldwide reached some losses (e. g. the American Airlines, Continental Airlines or the United Airlines). The gold and oil indexes has slightly strengthen. Economic analysts are announcing, that the total consequences of this negative situation in financial world are going to culminate and reach the top in 2009, when the losses may climb up to 150 bil. dollars

related story: http://news.yahoo.com/s/ap/20080421/ap_on_bi_st_ma_re/wall_street;_ylt=AloJ4sVI6RIemUPJDr84ICWs0NUE

by Nina Nevidzanska for PocketNews (http://pocketnews.tv)

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edited by Beata Biskova