| U.S. industrial conglomerate Honeywell and General Electric kept pressure on the Dow Jones Industrial Average, as hopes fade for European approval of their merger deal. The European Commission is expected to give its final decision early next month. The weakness of the stock market this year is hitting profits at U.S. brokerages. Goldman Sachs, one of Wall Street's leading investment banks, reported a 24% drop in earnings. Besides the slumping market, Goldman blamed a sharp drop-off in merger and acquisition activity. Big deals tend to pick up when the stock market is strong. Analyst Jim Schmidt: “It will certainly depend on the stock market. It’s not about to change imminently because, as we speak now, you know, the market is still kind of lackluster, and there isn't a real big calendar of deals coming up. I think things are about as slow now as they possibly could be in underwriting and in the ‘M and A’ business (mergers and acquisitions).” |
| U. S. industrial conglomerate Honeywell and General Electric kept pressure on the Dow Jones Industrial Average, as hopes fade for European approval of their merger deal. The European Commission is expected to give its final decision early next month. The weakness of the stock market this year is hitting profits at U. S. brokerages. Goldman Sachs, one of Wall Street' s leading investment banks, reported a 24 drop in earnings. Besides the slumping market, Goldman blamed a sharp dropoff in merger and acquisition activity. Big deals tend to pick up when the stock market is strong. Analyst Jim Schmidt: " It will certainly depend on the stock market. It' s not about to change imminently because, as we speak now, you know, the market is still kind of lackluster, and there isn' t a real big calendar of deals coming up. I think things are about as slow now as they possibly could be in underwriting and in the ' M and A' business mergers and acquisitions." |
| U. S. industrial conglomerate Honeywell and General Electric kept pressure on the Dow Jones Industrial Average, as hopes fade for European approval of their merger deal. The European Commission is expected to give its final decision early next month. The weakness of the stock market this year is hitting profits at U. S. brokerages. Goldman Sachs, one of Wall Street' s leading investment banks, reported a 24 drop in earnings. Besides the slumping market, Goldman blamed a sharp dropoff in merger and acquisition activity. Big deals tend to pick up when the stock market is strong. Analyst Jim Schmidt: " It will certainly depend on the stock market. It' s not about to change imminently because, as we speak now, you know, the market is still kind of lackluster, and there isn' t a real big calendar of deals coming up. I think things are about as slow now as they possibly could be in underwriting and in the ' M and A' business mergers and acquisitions." |
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