Dow closes lower after disappointing bank results By Reuters

Dow Jones closes lower after disappointing bank results
© Reuters. Traders work at the New York Stock Exchange on January 12, 2021. Photo: Brendan McDermid/Reuters.

(Reuters) – The index closed lower with a significant decline in financial stocks as investors disappointed with the fourth-quarter results released by major US banks that overshadowed the start of the earnings season.

The Nasdaq and Standard & Poor’s indices regained their gains in afternoon trading, to close higher. Meanwhile, consumer discretion also pressured the leading indicators after morning data showed a decline in retail sales in December and a shake-up in consumer confidence.

Shares of JPMorgan (NYSE:) fell after reporting a weaker performance in its trading arm.

Citigroup (NYSE:) shares also fell after it reported a 26 percent drop in fourth-quarter profit.

The Dow Jones Industrial Average fell 201.81 points, or 0.56 percent, to 35911.81, the Standard & Poor’s index increased 3.82 points, or 0.08 percent, to 4,662.85 points, and the composite rose 86.94 points, or 0.59 percent, to 14,893.75 points.

Over the week, it fell 0.3 percent, while the Dow Jones fell 0.9 percent and the Nasdaq fell 0.3 percent.

(Prepared by Rehab Alaa for the Arab Newsletter – Editing by Ahmed Hassan)

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