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Overnight Markets: US stocks fall on bank earnings

by Himanshu Singh on Jan 17, 2014 at 03:59

Overnight Markets: US stocks fall on bank earnings

The Dow Jones and S&P 500 fell on Thursday as Best Buy tumbled and earnings from Goldman Sachs and other banks disappointed investors.

The Dow Jones industrial average fell 65 points or 0.39%, to end at 16,417. The S&P 500 slipped two points or 0.13%, to finish at 1,846. The Nasdaq Composite added four points or 0.09%, to close at 4,219.

Financials suffered the most after both Goldman Sachs Group Inc (GS.N) and Citigroup Inc (C.N) reported that lower bond trading revenue took a bite out of their quarterly profits. Goldman's earnings fell 21%. Citigroup's profit missed expectations.

Goldman's stock slid 2% and was the biggest drag on the Dow. Citigroup's stock dropped 4.4%, weighing on the S&P 500.

In economic news, jobless claims decreased last week by 2,000 to 326,000, the least since the end of November, from a revised 328,000 in the prior period, a Labour Department report showed.

Another report showed the cost of living in the US climbed in December by the most in six months, led by gains in fuel and rents.

After the closing bell, shares of Intel Corp (INTC.O) fell 2.4% following its results and a lukewarm revenue forecast. In regular trading, Intel had slipped 0.5%.

American Express Co (AXP.N) shares lost 0.03% in extended-hours trading following the release of its results.

During the regular session, UnitedHealth Group Inc (UNH.N) was down 2.8% after the largest US health insurer said that implementing the national healthcare reform law, often called Obamacare, and funding cuts for private Medicare coverage would result in expenses that would eat into 2014 profit.  Aetna Inc (AET.N) fell 1.6%.

CSX Corp (CSX.N) shares sank 6.8% a day after the US railroad reported profits that missed expectations.

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