U.S. stock benchmarks extended their losing streak to a second day in a row Wednesday, as Congress and the White House wrangled over further pandemic aid and big banks kicked off third-quarter corporate earnings season with a cautious tone.
How did stock benchmarks perform?
The Dow Jones Industrial Average DJIA, -0.57% slumped 165.81 points, 0.6%, to finish at 28,514.00, while the S&P 500 SPX, -0.66% index fell 23.26 points, 0.7%, to end at 3,488.67. The Nasdaq Composite COMP, -0.80% dropped 95.17 points, or 0.8%, to close at 11,768.73. All three benchmarks traded in positive territory earlier in the session.
What drove the market?
Wednesday marked the second full day of corporate quarterly earnings reports from the likes of Bank of America BAC, -5.33%, Goldman Sachs GS, +0.19% and Wells Fargo WFC, -6.02% as investors looked for signs of economic recovery.
Bank of America reported $20.45 billion in total revenue, missing the $20.8 billion estimate of analysts surveyed by Refinitv, while income was at $4.9 billion, or 51 cents a share, from $5.8 billion, or 56 cents a share, in the year-ago period, but above the FactSet consensus of 49 cents a share.
Goldman reported better-than-expected earnings and revenue that helped to boost the investment bank’s shares. The bank reported earnings per share of $9.68 per share, compared with $5.57 expected by Refinitiv’s consensus estimates, while revenue came in at $10.78 billion, versus consensus estimates for $9.46 billion.
“Bank CEOs were a little bit more cautious than