Stocks Fall for a Second Day as Bank of America, Wells Fargo Slip After Earnings
Stocks moved lower on Wednesday for a second day, pulling back further from record levels, while traders digested a fresh batch of earnings.
The S&P 500 traded 0.5% lower, while the Dow Jones Industrial Average lost 51 points, or 0.1%. The Nasdaq Composite shed 0.8%.
Wells Fargo was among the laggards in early trading, falling more than 4% after the company posted weaker-than-expected revenue for the fourth quarter. Bank of America dropped more than 3%.
Stocks were lower even after delayed producer price index and retail sales data for November came in solid.
Wall Street posted a losing session on Tuesday, led by a nearly 400-point decline in the Dow. Financials were the worst-performing group.
Trump’s attacks on Federal Reserve Chair Jerome Powell also continued on Tuesday amid growing worries over the central bank’s independence as the Justice Department conducts a criminal investigation into the Fed’s leader.
Source : CNBC.com
