Wall Street drops after big bank results

New York: Wall Street's main indexes fell on Monday, following a rally in the previous session that put the S&P 500 within striking distance of its record high, as underwhelming results from Goldman Sachs and Citigroup pressured financial stocks. The sector fell for the first time in four sessions, down 0.75 per cent, dragged lower by a 3.2 per cent tumble in Goldman Sachs Group Inc and a 0.7 per cent dip in Citigroup Inc after the banks missed revenue estimates. The S&P banking index fell 1.12 per cent, also weighed down by a 1.6 per cent drop in JPMorgan Chase. Bank of America dipped 1.4 per cent ahead of results on Tuesday. At 2230 IST, the Dow Jones Industrial Average was down 45.55 points, or 0.17 per cent, at 26,366.75. The S&P 500 was down 7.42 points, or 0.26 per cent, at 2,899.87. The Nasdaq Composite was down 26.08 points, or 0.33 per cent, at 7,957.70.


The benchmark S&P 500 index is just about 1 per cent away from its September record closing high.