Dow and S&P 500 end the day down as banks disappoint
NEW YORK — The Dow and S&P 500 slipped on Thursday, with the S&P retreating from the previous session’s record high, after earnings from Goldman Sachs and other banks disappointed investors.
Financials were the biggest drag on the market after both Goldman Sachs Group Inc and Citigroup Inc reported that lower bond trading revenue took a bite out of their quarterly profits. Goldman’s earnings fell 21 percent. Citigroup’s profit missed expectations.
The results followed fairly positive reads on the financial sector from JPMorgan Chase & Co, Bank of America Corp and Wells Fargo & Co earlier this week.
Goldman’s stock slid 2 percent to close at $175.17. It was the biggest drag on the Dow. Citigroup’s stock dropped 4.4 percent to end at $52.60 and was the biggest negative for the S&P 500. The S&P financial sector index fell 0.6 percent, making it the biggest loser among the 10 sectors in the S&P 500.
Analysts said that given the S&P 500’s gain of 30 percent last year, the market doesn’t need much of a catalyst for selling.
The Dow Jones industrial average fell 64.93 points or 0.39 percent, to end at 16,417.01. The S&P 500 slipped 2.49 points or 0.13 percent, to finish at 1,845.89. The Nasdaq Composite added 3.805 points.