Dow closes lower after disappointing bank results

Dow closes lower after disappointing bank results



The Dow Jones Industrial Average fell 201.81 points, or 0.56%, to 35,911.81, the S&P 500 gained 3.82 points, or 0.08%, to 4,662.85 and the Nasdaq Composite added 86.94 points, or 0.59%, to 14,893.75.







Reuters









January 15, 2022 / 08:00 AM IST





Source: Reuters



The Dow closed lower on Friday with a big drag from financial stocks as investors were disappointed by fourth quarter results from big U.S. banks, which cast a shadow over the earnings season kick-off.

The Nasdaq and the S&P regained lost ground in afternoon trading to close higher. Meanwhile the consumer discretionary stocks put pressure on the indexes throughout the session after morning data showed a December decline in retail sales and a souring of consumer sentiment.

JPMorgan Chase & Co tumbled after reporting weaker performance at its trading arm. The bellwether lender also warned that soaring inflation, the looming threat of Omicron and trading revenues would challenge industry growth in coming months. read more

Along with JPMorgan, big decliners putting pressure on the Dow included financial stocks Goldman Sachs, American Express and home improvement retailer Home Depot.

Citigroup Inc shares fell after it reported a 26% drop in fourth-quarter profit,