UPDATE: Dow ends lower, retreats from records as Goldman, UnitedHealth weigh
U.S. stocks finished lower Thursday, retreating from records set in the previous session, as investors parsed the first of a batch of third-quarter corporate results from the banking sector. The Dow Jones Industrial Average closed 32 points, or 0.1%, lower at 22,841. Blue-chip components UnitedHealth Group Inc. (UNH) and Goldman Sachs Group Inc. (GS) pressured the price-weighted gauge. The S&P 500 index closed down 0.2% at 2,550, while the Nasdaq Composite Index retreated 0.2% at 6,591. All three benchmarks closed at records in the previous session. In corporate news, J.P. Morgan Chase & Co. (JPM) posted earnings and revenue that beat expectations, but its trading revenue was weak amid a quiet period for markets. Its shares ended off 0.9%. Meanwhile, shares of Citigroup (C), which reported a higher-than-expected profit, slid 3.4%, The Financial Select Sector SPDR ETF (XLF), which gauges banks and insurers, lost 0.8%. Health-care stocks were mixed after President Donald Trump signed an executive order directing federal agencies to consider expanding health-insurance coverage in low-cost plans that aren't subject to Affordable Care Act rules. The announcement appeared to weigh on UnitedHealth.
-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com
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10-12-17 1613ETCopyright (c) 2017 Dow Jones & Company, Inc.