Wall Street fell on Monday as a fraud case against Goldman Sachs weighed on the market for a second day, overshadowing positive Citigroup earnings and upbeat economic data.

After seesawing between losses and gains for most of the morning, Wall Street headed lower at midday, with technology stocks among the biggest losers.

Financials tried to recover from Friday's selloff after U.S. regulators charged Goldman Sachs with civil fraud.

Citi jumped 3.5 percent to $4.72 after the bank swung to a quarterly profit, turning in its best results since 2007.

Goldman fell 1.3 percent to $158.63 following a drop of nearly 13 percent on Friday. The KBW bank index <.BKX>, which fell 3.4 percent Friday, was off 0.6 percent.

Investors are thinking that Goldman Sachs may be the tip of the iceberg. The risk aversion is high, said Frank Pavilonis, senior market strategist at Lind-Waldock, a brokerage firm in Chicago.

The Dow Jones industrial average <.DJI> was down 18.13 points, or 0.16 percent, at 11,000.53. The Standard & Poor's 500 Index <.SPX> was down 6.01 points, or 0.50 percent, at 1,186.12. The Nasdaq Composite Index <.IXIC> was down 25.39 points, or 1.02 percent, at 2,455.87.

The PHLX semiconductor index <.SOXX> was down 2.8 percent.

Also among decliners on the Nasdaq was Palm Inc , down 11.5 percent at $4.94 after Morgan Keegan downgraded the maker of the Pre handset.

Research In Motion , maker of the BlackBerry, fell 1.9 percent to $70.66.

In economic news, a gauge of the U.S. economy's prospects rose more strongly than expected to a record high in March, pointing to a steady recovery.

(Reporting by Angela Moon, Editing by Kenneth Barry)