Around half of Japanese firms are reviewing or restructuring their businesses to boost corporate value amid a push for companies to improve governance.
Wall Street slipped as worries about the banking system and the global economy forced more caution into financial markets worldwide. The S&P 500 fell 0.4% Tuesday and at one point was down nearly triple that. The Dow lost 158 points after paring an earlier loss of 465 points. The Nasdaq fell 0.8%. Bank stocks dropped after Moody’s cut the credit ratings for 10 smaller and midsized ones.
Wall Street rallied after a round of reports suggested the economy is in better shape than feared. The S&P 500 rose 1.1% Tuesday to resume an upward climb that had carried it earlier this month to its highest level in more than a year. The Dow gained 212 points, or 0.6%, while the Nasdaq rose 1.6%. Airlines helped to lead the way after Delta said demand for travel still looks strong, particularly among high-income passengers. Delta rose 6.8%. Readings released Tuesday on consumer confidence, sales of new homes and other areas of the economy all topped economists’ forecasts.
Wall Street drifted to a mixed close on Wednesday. The S&P 500 fell less than 0.1%, but held on to a gain for the week. The Dow Jones Industrial Average slipped 74 points, or 0.2%, while the Nasdaq composite rose 0.3%.