UPDATED: Goldman's Stock Decline Cuts Nearly 60 Points From The Dow

By Mark DeCambreMarketsMarketWatch Pulse

Shares of Goldman Sachs Group Inc. on Tuesday erased almost 60 points from the Dow Jones Industrial Average at the start of trade, after the giant investment bank's first-quarter results fell short of Wall Street estimates. Goldman's stock , a contributor to the Dow, was off about 3.7%, or $8.47, from its Monday close of $226.26, which would translate into a 58-point drop for the price-weighted blue-chip benchmark. A point drop of that magnitude for Goldman also would put it on track to log its worst daily decline since March 21, when shares of the bank run by CEO Lloyd Blankfein lost $8.56 or 3.5%, according to FactSet data. Goldman reported a profit of $2.26 billion, or $5.15 a share, which compares with $2.68 a share for the same period a year ago, when Goldman posted its worst first quarter in 12 years as trading slumped. In early trade, the Dow was off 44 points, or 0.2%, at 20,594, the S&P 500 index was down 2 points, or 0.1%, at 2,347, while the Nasdaq Composite Index fell 1 point, or less than 0.1%, at 5,855.

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