State Street to Cut 800 More Jobs - Adviser Investments

State Street to Cut 800 More Jobs

Adviser Investments Vice President Chris Hagan has the market analysis for Friday, July 19. All major U.S. stock indexes declined, with the Dow Jones Industrial Average, S&P 500 and the NASDAQ Composite down 0.3%, 0.6%, 0.7%, respectively. State Street dominated corporate headlines locally—its stock rose 7% after the company beat second-quarter earnings expectations, even as those earnings plunged 29%. Quarterly sales also surpassed the $2.85 billion forecast but declined 6% year-over-year. State Street announced plans to cut an additional 800 jobs before the year is out.

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