Dow Jones Closes 400 Points Lower, Pressured by Goldman’s Poor Earnings Results

Wall Street closed lower on Tuesday, pressured by Goldman Sachs that plunged 6% after reporting its worst earnings miss in a decade. 

Dow Jones lost nearly 400 points or 1.14% to close at 33,910.85 points. S&P 500 dropped 0.20% to 3,990.97 points. Meanwhile, the tech-heavy Nasdaq rose 0.14% to 11,095.11 points.

On Tuesday, Goldman Sachs dropped 6.44% after reporting a disappointing fourth-quarter earnings, pressured by declines in investment banking segment and asset management revenues, as well as higher credit provisions and operating costs. 

Earnings per share totaled $3.32 in the quarter, missing analysts expectations by around 40% for $5.56 per share. 

Revenue also fell slightly short of expectations at $10.59 billion, decreased 16% from a year earlier.

The Wall Street bank also booked charges of $972 million against potential losses on its credit card and its point-of-sale loan portfolios.