The S&P 500 fells weighed down by declines in Goldman Sachs and Johnson & Johnson following their quarterly results. Roselle Chen reports.
U.S. stocks closed the day in the red weighed by disappointing quarterly results from Goldman Sachs and Johnson & Johnson. Stocks of both corporate heavyweights sank. And, although Bank of America reported a better-than-expected profit, its shares fell with the broader market. Jeff Tomasulo of Vespula Capital: (SOUNDBITE VIA SKYPE) JEFF TOMASULO, CHIEF EXECUTIVE OFFICER, AND HEAD PORTFOLIO MANAGER, VESPULA CAPITAL, (ENGLISH) SAYING: "This is a great buying opportunity, especially if you truly believe that, you know, especially financials, is you truly believe that the policies of the Trump administration are gonna get passed. That means deregulation, lower taxes, if you believe in that, there is great opportunity in some stocks , like JPMorgan, PNC Bank, and, obviously, Goldman Sachs. I'm still a big believer, especially at Goldman under $200 a share." Also weighing on the markets... U.S. Treasury Secretary Steven Mnuchin saying tax reforms could be delayed; rising tensions between the United States and North Korea; upcoming presidential election in France, and the possibility of early election in the UK. In stocks... After missing on earnings on Monday after the close, Netflix sank on Tuesday. UnitedHealth traded up on better-than-expected results and good outlook for the year. In Europe, jitters over British and French votes sent shares to three-week lows.