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Home / Business / Stocks falling by bank revenue, Goldman's Tumble Pushes Dow Lower

Stocks falling by bank revenue, Goldman's Tumble Pushes Dow Lower



Here are 3 good things to know about stocks right now

  • Dow Jones Industrial Average denied Monday following revenue reports from Citigroup (C – Get Report) and Goldman Sachs Group (GS – Get Report).
  • Citigroup achieved better than expected results in the first quarter.
  • Goldman Sachs Group (GS – Get Report) fell 3.1% after first-quarter earnings fell 21%, but less than expected.

Wall Street Overview

Stocks were lower on Monday as Citigroup (C – Get Report) and Goldman Sachs (GS – Get Report) reported first ̵
1; quarter results and Wall Street monitored the US and China trade negotiations.

Dow Jones Industrial Average dropped 70 points, or 0.27%, to 26,341, S & P 500 fell 0.31%, and Nasdaq fell 0.46%.

Citigroup depths slightly to $ 67.10 after putting better than expected first quarter results as a steep cut in the US bank's effective corporate tax rate, helping offset a fall in stock trading. Net income climbed by 2% from the previous year to $ 4.71 billion. Earnings per share were $ 1.87, Wall Street analysts average estimate of $ 1.80.

Stocks of Goldman Sachs (GS – Get Report) fell 3.1% to $ 201.43 after the heavyweight investment said the first quarter earnings fell less than expected. Net income fell by 21% from the previous year to $ 2.25 billion, said the New York-based bank. Earnings per share was $ 5.71, Wall Street analysts average estimate at $ 4.89.

"Despite inverted yield curve concerns, revenue coming out of big financial players comes a tear," says Chris Larkin, senior vice president of E * Trade. "SPX is less than 1% from its all-time height, and it's somebody's guess if it won't break through ours. Trade and earnings are the primary factors in the equation that can push it up or down again. hope for a trade deal gets stronger. However, health insurance has had a tough go by when investors again relinquish themselves from defensive play. " .

Mnuchin, who spoke Saturday on the sidelines of the International Monetary Fund and the World Bank's Spring Meetings, said that the US and China held phone calls last week and he was not sure if multiple meetings from meeting to meeting would be needed. Mnuchin did not provide a timetable for when negotiations could be completed, the Associated Press reported.

Reuters reported that US dealers have claimed that China restricts industrial subsidies as a condition of trade agreement following strong opposition from Beijing. Resellers have been terminated to secure less than they would have to curb these subsidies, and are instead focused on other areas where they consider claims are more achievable, Reuters added and cited sources.

Waste Management (WM – Get Report) climbed 2.8% to $ 104.60 after announcing that it had agreed to acquire its less competitive Advanced Disposal Services (ADSW – Get Report). Waste management will pay $ 33.15 per share in cash for Advanced Disposal, representing a 22.1% premium to the Advanced Disposal closing price on Friday of $ 27.14. Including debt, the deal is worth $ 4.9 billion.

Shares in M ​​& T Bank (GetBack) were down 3% to $ 162.76 after Buffalo, New York-based bank reported mixed results for the first quarter. The bank reported first-quarter earnings of $ 3.35 per share, topping analysts' nickel estimates.


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