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HomeUncategorizedGoldman Sachs Shares Drag Down The Dow By 300 Points

Goldman Sachs Shares Drag Down The Dow By 300 Points

Tuesday saw a decline in the Dow Jones Industrial Average as investors battled to maintain the early 2023 momentum and considered the most recent earnings reports.

303 points, or 0.9%, of the blue chip stock index were lost due to a decline in Goldman Sachs shares. The S&P 500 and Nasdaq Composite were trading near their flat lines at the same time.

After the bank announced its largest quarterly profit miss in a decade, Goldman’s stock fell by approximately 6%. Revenue decreases in investment banking and asset management weighed on its earnings. Rival Morgan Stanley, meanwhile, reported results that exceeded expectations in part due to record wealth management revenue. Its stock price increased by 6%, lifting the S&P 500 as a whole.

These findings followed those of other significant banks, including JPMorgan and Citigroup.

Source (NYSE)

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