New York Report: Stocks fall on bank results

THE Dow and S&P 500 slipped yesterday, 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 and Citigroup reported that lower bond trading revenue took a bite out of their quarterly profits. Goldman’s earnings fell 21 per cent. Citigroup’s profit missed expectations.

The Dow Jones industrial average fell 64.93 points or 0.39 per cent, to end at 16,417.01.

The S&P 500 slipped 2.49 points or 0.13 per cent, to finish at 1,845.89. The Nasdaq Composite added 3.805 points or 0.09 per cent, to close at 4,218.688.

After the closing bell, shares of Intel tumbled 2.4 per cent to $25.90 following its results. In regular trading, Intel had slipped 0.5 per cent to end at $26.54.