Mon, 22 Apr 2019

U.S. stocks edge down, Goldman Sachs drops 3.8%

Lola Evans
16 Apr 2019, 08:20 GMT+10

NEW YORK, New York - Financial stocks weighed on Wall Street on Monday, with the sector losing 0.06% on the day.

Citigroup reported lower revenue levels, but through prudent cost-cutting was able to post higher eranings. Nonetheless the stock fell 0.10%.

Goldman Sachs fared worse, losing 3.8% after it too reported lower revenues.

"We’re coming off of a strong week last week," Joseph Sroka, chief investment officer at NovaPoint in Atlanta told the Reuters Thomson news agency Monday. "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 momentum."

The Dow Jones Industrial Average had lost 27.53 points or 0.10% at 26,384.77 by the close of trading on Monday.

The Standard and Poor's 500 fell 1.83 points or 0.06% to 2,905.58.

The Nasdaq Composite dipped 8.15 points or 0.1% to 7,976.01.

The U.S. dollar was unchanged after falling across the board in Asia. Around the New York close on Monday the euro was changing hands at 1.1300. The British pound was fetching 1.3098, while the yen traded at 111.97.

The Swiss franc firmed a tad to 1.0039. The Canadian dollar was quoted at 1.3372. The Australian dollar last traded at 0.7170, and the New Zealand dollar at 0.6764.

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