Goldman Sachs shares skidded on Tuesday after the investment bank whiffed on its quarterly earnings, and dragged the Dow Jones Industrial Average down with it.
The New York-based bank dropped as much as 3.7 per cent to $217.83, which would represent the lowest closing level since November 29, according to Bloomberg data.
The retreat came after the bank’s bond trading revenues fell short of estimates. Goldman has not posted earnings per share that were shy of Wall Street forecasts since the third quarter of 2015, Bloomberg data show.
Goldman’s weak stock performance was a roughly 50 point drag on the price-weighted Dow Jones Industrial Average.
Like other big banks, Goldman’s shares have given up some of their post-election rally as expectations for regulatory relief and higher rates have dimmed, at least for the moment.