Business

State Street stock rises slightly after big fall

Joseph “Jay” Hooley is the chairman and chief executive of Boston-based State Street.
Joseph “Jay” Hooley is the chairman and chief executive of Boston-based State Street.Credit: Win McNamee/Getty Images

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State Street Corp.’s quarterly revenue disappointed investors Tuesday, pushing the shares down. They rose only slightly Wednesday. Short-term interest rates are squeezing the bank. Net interest revenue fell 12 percent from a year earlier to $546 million. Overall revenue of $2.43 billion grew 3 percent from a year earlier but fell 5 percent from the previous quarter. Profit was $531 million, down 19 percent from a year earlier, when the results included a tax benefit of 35 cents a share. The stock was up 49 percent this year through Monday.

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