Stocks slipped on Thursday after Goldman Sachs
Goldman's and Citigroup's results, while better than expected, fell short of the lofty standard set by JPMorgan Chase
Goldman's earnings nearly quadrupled, largely due to strong trading results. Citigroup's third-quarter loss was narrower than expected, but the company took $8 billion in credit losses.
JPMorgan's results raised the bar for expectations and that spread to a number of financials, said Alan Gayle, senior investment strategist at RidgeWorth Investments in Richmond, Virginia.
The market was looking for strong results and it got that and more, but it decided to sell on the good news at Goldman.
Goldman shares fell 2.1 percent to $188.40 while Citigroup shed 5.4 percent to $4.74. The KBW Banks index <.BKX> lost 1.6 percent while the S&P Financial index <.GSPF> was the top percentage decliner among S&P sectors, down 1.4 percent.
Crude oil rose 2.7 percent to $77.19 per barrel, erasing early losses after data from the Energy Information Administration showed gasoline and distillate inventories fell sharply in the last week.
The data limited losses in the markets and lifted the S&P Energy index <.GSPE> 0.9 percent. Chevron Corp
The Dow Jones industrial average <.DJI> dropped 12.47 points, or 0.12 percent, to 10,003.24. The Standard & Poor's 500 Index <.SPX> fell 1.89 points, or 0.17 percent, to 1,090.13. The Nasdaq Composite Index <.IXIC> lost 7.60 points, or 0.35 percent, to 2,166.61.
The results overshadowed economic data that added evidence to the argument that the economy was on the mend.
The number of new workers filing new claims for jobless benefits fell to a nine-month low, while the September Consumer Price Index rose marginally, as expected.
The next wave of quarterly results comes after the market closes, with such tech bellwethers as International Business Machines Corp
IBM, a Dow component, fell 1.2 percent to $126.87 on the NYSE, while Google was down 0.7 percent at $531.71 on Nasdaq, and AMD dropped 2.4 percent to $6.10, also in NYSE trading.
(Editing by Jan Paschal)