Goldman, J.P. Morgan's Early Stock Slump Cuts 40 Points From Dow

By Mark DeCambreMarketsMarketWatch Pulse

The Dow Jones Industrial Average on Friday was being pressured by sharp drops in components J.P. Morgan Chase & Co. and Goldman Sachs Group Inc. Declines in the shares of Goldman and J.P. Morgan were taxing the price-weighted Dow by nearly 40 points, with the lion's share of pressure coming from Goldman's share decline. The weakness in the banking sector came after J.P. Morgan Chase, Wells Fargo & Co. , Citigroup Inc. and PNC Financial Services Group Inc. reported second-quarter results that mostly beat Wall Street expectations but bank officials pointed to weakness in areas including trading of bonds and stocks. Still, the Dow was managing to trade flat, as gains in Boeing Co. helped to offset some of the pressure from the banks.

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