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.
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.
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.