NEW YORK (Reuters) – Wall Street lost ground on Monday, dragged down by financials as underwhelming bank earnings curbed investor enthusiasm.
But while all three major U.S. stock indexes edged lower, the S&P 500 remained within a percent of its record high.
Following a January-March rally that marked the U.S. stock market’s best quarterly performance in nearly a decade, stocks had been in a holding pattern in April ahead of first quarter reporting season.
Goldman Sachs dipped 3.8% after the investment bank’s first quarter revenue came in below analyst expectations.
Citigroup Inc posted higher-than-expected earnings as cost-cutting offset falling revenues. Its shares ended the session nominally lower, dropping 0.1%.
“We’re coming off of a strong week last week,” said Joseph Sroka, chief investment officer at NovaPoint in Atlanta. “So any bad news or earnings reports this week, such as we saw with Goldman and Citigroup, is going to take away some of that…