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Market Plunges as Goldman Sachs and American Express Disappoint

Strategic Insights

— 1 min read

Financial markets took a hit as Goldman Sachs and American Express reported disappointing revenue and quarterly guidance, respectively. The Dow Jones Industrial Average declined by 15 points, or 0.1%, to 11,823, while the S&P 500 dropped 14.7 points, or 1.1%, to 1,280. Bank of America and American Express led the decline among blue-chip stocks, whereas IBM and Wells Fargo fell after reporting disappointing results.

Key Takeaways:

  • Goldman Sachs reported disappointing revenue, leading to a decline in the broader market.
  • American Express guided for Q4 results below Wall Street expectations, further pressuring financial stocks.
  • The Dow Jones Industrial Average dropped 15 points, or 0.1%, to 11,823, while the S&P 500 fell 14.7 points, or 1.1%, to 1,280.
  • Bank of America and American Express were among the biggest decliners in blue-chip stocks.
  • IBM gained despite disappointing earnings results, whereas Wells Fargo fell after reporting below-expected results.
  • The Federal Reserve Bank of New York bought $7.7 billion in debt on Wednesday, but this had a relatively minor impact on the market.
  • The 10-year note yield rose to 3.35%, but was as high as 3.40% earlier.
  • Crude futures fell 0.6% to $90.86 a barrel.
  • Gold futures rose, with the February contract adding $2 to $1,370.20 an ounce.
  • Copper settled lower after hitting a record high in London trading, as the metal declined 6 cents to finish at $4.37 a pound.

Statistics:

  • The Dow Jones Industrial Average declined by 15 points, or 0.1%, to 11,823.
  • The S&P 500 fell 14.7 points, or 1.1%, to 1,280.
  • Goldman Sachs reported disappointing revenue.
  • American Express guided for Q4 results below Wall Street expectations.
  • The Federal Reserve Bank of New York bought $7.7 billion in debt on Wednesday.
  • The 10-year note yield rose to 3.35%.
  • Crude futures fell 0.6% to $90.86 a barrel.
  • Gold futures rose, with the February contract adding $2 to $1,370.20 an ounce.
  • Copper settled lower, declining 6 cents to $4.37 a pound.

Sources:

  • MidnightTrader via COMTEX
  • SmarTrend Alert (as of Saturday, 01-15-2011 23:59)
  • Comtex News Network, Inc. (Copyright 2004-2011)
  • Commerce Department data (on new U.S. home construction)

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