The S&P 500 declined 0.1% on Friday as its banks’ index fell 0.9%. Still, the benchmark U.S. index posted a weekly gain of 2.4%, meaning that it is now up 17% for the year to date.

The tech-heavy Nasdaq Composite ended Friday 0.18% lower, while the Dow Jones Industrial Index gained 0.33%. For the week, both the Nasdaq and Dow Jones were up, advancing 3.3% and 2.3% respectively.

JPMorgan Chase was up 0.6% on Friday, while Wells Fargo shares declined by 0.3%. Citigroup stocks tumbled by 4% after the company reported a decline in its quarterly profits, As BlackRock fell 1.5% after reporting a decline in quarterly revenueof its own.

Overall, shares listed on the S&P 500 performed well this week, with 40 reaching new 52-week highs. On the Nasdaq Composite, 97 companies posted new 52-week highs.

The post Stocks End Week Lower As Banks Disappoint appeared first on theprimarymarket.com.

Fink wasn’t the only one moving his BlackRock stake this week. The company’s Senior Managing Director Richard Kushel also unloaded shares worth $2.08 million.

It is unclear why Fink opted to part with his shares. Some analysts believe it could be a sign that he expects a major financial crisis or a wave of recession. It could also be that he wants to make up for a pay cut he experienced in 2022.

In a recent report by Bloomberg, it was revealed that Fink’s compensation for the past year came at $25.2 million. This was 30% less than Fink received in the year prior. Several other BlackRock key executives saw their compensation slashed by at least 27%.

After the news about the sell-off started making rounds, BlackRock’s stock plunged 2.22% on Friday to get down to a close price of $680.94 per share. The company shares are 4.37% down year-to-date. 

The post BlackRock’s CEO Larry Fink Sells 7% of His Stake for $25 Million appeared first on theprimarymarket.com.

The S&P 500 declined 0.1% on Friday as its banks’ index fell 0.9%. Still, the benchmark U.S. index posted a weekly gain of 2.4%, meaning that it is now up 17% for the year to date.

The tech-heavy Nasdaq Composite ended Friday 0.18% lower, while the Dow Jones Industrial Index gained 0.33%. For the week, both the Nasdaq and Dow Jones were up, advancing 3.3% and 2.3% respectively.

JPMorgan Chase was up 0.6% on Friday, while Wells Fargo shares declined by 0.3%. Citigroup stocks tumbled by 4% after the company reported a decline in its quarterly profits, As BlackRock fell 1.5% after reporting a decline in quarterly revenueof its own.

Overall, shares listed on the S&P 500 performed well this week, with 40 reaching new 52-week highs. On the Nasdaq Composite, 97 companies posted new 52-week highs.

The post Stocks End Week Lower As Banks Disappoint appeared first on theprimarymarket.com.

Fink wasn’t the only one moving his BlackRock stake this week. The company’s Senior Managing Director Richard Kushel also unloaded shares worth $2.08 million.

It is unclear why Fink opted to part with his shares. Some analysts believe it could be a sign that he expects a major financial crisis or a wave of recession. It could also be that he wants to make up for a pay cut he experienced in 2022.

In a recent report by Bloomberg, it was revealed that Fink’s compensation for the past year came at $25.2 million. This was 30% less than Fink received in the year prior. Several other BlackRock key executives saw their compensation slashed by at least 27%.

After the news about the sell-off started making rounds, BlackRock’s stock plunged 2.22% on Friday to get down to a close price of $680.94 per share. The company shares are 4.37% down year-to-date. 

The post BlackRock’s CEO Larry Fink Sells 7% of His Stake for $25 Million appeared first on theprimarymarket.com.