US stocks close mixed as Dow dives nearly 400 points on weak Goldman Sachs earnings
- US stocks closed mixed on Tuesday as investors digested the latest earnings data.
- Goldman Sachs missed fourth-quarter estimates, while Morgan Stanley exceeded expectations.
US stocks closed lower on Tuesday, as investors digested the latest slate of earnings from Wall Street's heavyweight investment banks.
Goldman Sachs contributed most to the market's sour sentiment, with the firm missing fourth-quarter expectations and weighing heavily on the Dow. Morgan Stanley reported better-than-expected earnings. Still, both firms noted the more challenging macroeconomic environment, and saw declines in dealmaking.
Early Tuesday, the New York Fed's Empire State Manufacturing Index declined nearly 22 points to -32.9, the lowest reading in nearly two years.
Here's where US indexes stood at the 4 p.m. closing bell on Tuesday:
- S&P 500: 3,990.97, down 0.20%
- Dow Jones Industrial Average: 33,910.85, down 1.14% (391.76 points)
- Nasdaq Composite: 11,095.11, up 0.14%
Here's what else is happening today:
- Wells Fargo's chief equities strategist said the S&P 500 could swing as much as 20% this year and reach 4,200.
- Inflation won't fall meaningfully without tipping the economy into a recession, according to JPMorgan Asset Management's chief investment officer Bob Michele.
- Bitcoin is having its strongest week since the collapse of FTX with a gain of 22%.
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