AFP, New York :
An early rally on Wall Street fizzled Friday as global bourses finished mixed amid a range of worries that included Italy’s messy budget dispute with Brussels and slowing Chinese growth.
US stocks opened strongly following good earnings reports from Procter & Gamble, American Express and others, but the market lost steam at midday. All three major indices had slumped more than one percent on Thursday.
“In a week when developments seem more mixed than bearish, markets are struggling to stabilize from an early-October shock that began in Bonds and ended in Equities,” JPMorgan Chase said in a research note.
The analysts said earnings would be a positive catalyst for stocks over the next two or three weeks, but warned of a medium-term hit after the period of “peak” earnings growth ends.
The Nasdaq was the worst performing of the three major indices, ending down 0.5 percent at 7,449.03, following a session in which it swung more than 150 points.
The S&P 500 finished with a small loss, while the Dow edged higher.
