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Banks hold back on Dow Jones

2019-04-16 HKT 06:03
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  • Traders saw a day of muted activity. File photo: AP
    Traders saw a day of muted activity. File photo: AP
US markets have closed marginally lower, following mixed results from banks ahead of other earnings reports and economic data. The Dow Jones lost 27 points, 0.1 percent, or to 26,384. The S&P 500 and Nasdaq also fell 0.1 percent to 2,905 and 7,976.

Goldman Sachs fell 2.8 percent after reporting a 20.3 percent decline in earnings to US$2.1 billion due in part to weak trading revenues.

Executives talked up new online banking products that broaden Goldman's reach beyond Wall Street but those are not expected to boost earnings for a few years.

Citigroup slipped 0.1 percent after reporting a 1.9 percent increase in first-quarter profits to $4.7 billion.

With the S&P 500 up nearly 16 percent this year, analysts say it will be harder for the market to rise further without an obvious catalyst.

Analysts expect earnings to decline overall compared with the year-ago period, although some believe companies will have an easy time topping the reduced expectations.

Economic releases this week include retail sales, the trade balance and manufacturing surveys as well as new home construction.

Among other companies, American Airlines dropped 2.7 percent after announcing it will scrap some 115 flights per day in the coming months because its fleet of Boeing 737 MAX planes is being grounded until August 19.

United Continental shed 1.1 percent after it announced it would pull the Boeing aircraft from its schedule through early July. Boeing dropped 1.1 percent following the announcements. (AFP)