Bank results fail to inspire Wall Street

Bank results fail to inspire Wall Street

US stocks fell back from record highs in early trade despite strong results from JP Morgan Chase and Citigroup.

The Dow Jones Industrial Average fell 32.12 points to 22,840.77, while the wider S&P 500 index slipped 5.09 points to 2,550.15.

The tech-focused Nasdaq index dropped 7.27 points to 6,596.28.

Both JP Morgan Chase and Citigroup reported higher third quarter profits, despite being hit by a drop in bond trading revenues.

Shares in both banks were down slightly in early trade.

Media companies came under pressure after brokerage Guggenheim cut its ratings for both Disney and Viacom to “neutral” from “buy” on concerns about declining subscriber numbers.

Disney shares fell 1.1% while Viacom dropped more than 6%.

Source: BBC News

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