U.S. Stocks Closer Lower As Goldman, J&J Disappoint With Their Results

By Ryan VlastelicaMarketsMarketWatch Pulse

U.S. stocks closed lower on Tuesday, pressured after a number of key companies disappointed with their quarterly results, renewing concerns that the market's valuation may not be supported by economic activity. The Dow Jones Industrial Average fell 113 points, or 0.6%, to 20,524. The S&P 500 lost 6.8 points to 2,342, a drop of 0.3%. The Nasdaq Composite Index fell 7 points to 5,849, a drop of 0.1%. Among the biggest drags on the day was Goldman Sachs Group Inc. , which fell 4.7% after its results fell short of analyst forecasts. Johnson & Johnson lost 3.1%; the company posted a drop in sales in the first quarter. Both are Dow components, accounting for the outsized loss in the blue-chip average. Separately, Netflix Inc. shed 2.6% on concerns about the company's ability to attract and retain new users. While major indexes ended off their lows of the session, market participants have been looking to corporate earnings to justify a multimonth rally in equities that had taken stock benchmarks to repeated records, though the rally has stalled as doubts about valuations pile up and amid concerns over President Donald Trump's ability to quickly implement his economic agenda.

Copyright © 2017 MarketWatch, Inc.

Continue Reading Below