Financials Slightly Higher as Goldman, BofA Earnings Weigh -- Financials Roundup

Banks, lenders and other financial companies rose, but not by as much as the broad market, after a mixed bag of earnings.

Shares of Bank of America retreated after the second-largest U.S. bank by assets posted quarterly profit shy of some Wall Street targets, weighed down by a $2.9 billion charge related to changes in the tax law.

Shares of Goldman Sachs Group, the largest Wall Street bank, declined after it posted its first quarterly loss in six years as its fixed-income trading desk continued to trail the performance of its revenue-generating peak before the financial crisis.

Among other major financial companies, Charles Schwab posted an increase in quarterly earnings despite a hit from a tax charge while regional bank US Bancorp said the new tax bill boosted its quarterly profit.

The Dow Jones Industrial Average closed above 26,000, traveling the last 1,000 points in the record-breaking time of about a week.

Rob Curran, rob.curran@dowjones.com

(END) Dow Jones Newswires

January 17, 2018 17:11 ET (22:11 GMT)