Banks, lenders and other financial companies ticked down after mixed earnings reports.
Morgan Stanley shares rose as the Wall Street broker said its fourth-quarter profit rose 14%, excluding a tax charge. Morgan Stanley was able to make up for the trading lull that hurt competitors such as Goldman Sachs Group through growth in its less volatile retail brokerage operations. Shares of trust bank Bank of New York Mellon declined after executives said nearly all of this year's benefits from the new U.S. tax law will go to technology upgrades and employees instead of shareholders.
-Rob Curran, firstname.lastname@example.org
(END) Dow Jones Newswires
January 18, 2018 17:05 ET (22:05 GMT)