Wall Street's main indexes fell on Monday, pulling back from a rally in the...
- Wall Street’s main indexes fell on Monday, pulling back from a rally in the prior session that took the S&P 500 within striking distance of its September record close, as lackluster results from Goldman Sachs and Citigroup pressured financial stocks.
The financial sector slipped 0.47%, its first drop in four sessions, while the S&P banking index fell 0.69%. Monday’s results are in contrast to JPMorgan Chase’s upbeat earnings on Friday that eased fears of first-quarter earnings season slamming the brakes on Wall Street’s big rally back from last year’s slump. The benchmark S&P 500 index is just 1% away from its September record closing high.
Of the 33 S&P 500 companies that have reported results so far, 81.8% have surpassed first-quarter earnings estimate, above the average of past four quarters, according to Refinitiv data. Waste Management Inc rose 1.6% after the company said it would buy smaller rival Advanced Disposal Services Inc for about $3 billion. Advanced Disposal Services jumped 19 percent.
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