The Dow Jones Industrial Average fell on Tuesday as investors struggled to keep building on early 2023 momentum and weighed the latest earnings results.
The blue-chip index lost 391.76 points, or 1.14%, to close at 33,910.85. The S&P 500 fell 0.2% to 3,990.97, while the Nasdaq Composite gained 0.14% to end the day at 11,095.11.
Goldman slid 6.44% after the bank reported its worst earnings miss in a decade for the fourth quarter. Its results were pressured by declines in investment banking and asset management revenues. Meanwhile, rival Morgan Stanley posted better-than-expected numbers, thanks in part to record wealth management revenue. Its shares jumped 5.91%.
Those results came after other major banks such as JPMorgan and Citigroup reported mixed quarterly reports.
“Goldman and Morgan Stanley have almost mirror-image price action today following their earnings,” Yung-Yu Ma, BMO Wealth Management’s chief investment strategist, told…
