Stocks retreat on Johnson & Johnson results, Goldman downgrade
J&J, a component of the Dow Jones Industrial Average ($INDU), said third-quarter sales fell five percent, more than Wall Street had feared. The results created concern among investors that much needed corporate revenue growth could be more anemic this reporting season than previously thought.
The blue-chip Dow slipped 15 points, or 0.2 percent, to close at 9,871, while the broader S&P 500 ($INX) declined three points, or 0.3 percent, to 1,073. The tech-heavy Nasdaq Composite ($COMPX) was essentially unchanged at 2,140.
Financial stocks sold off after well-known bank analyst Meredith Whitney cut her rating on Goldman Sachs (GS) to Neutral from Buy. Shares in Goldman finished the day off 1.5 percent, while rival Morgan Stanley (MS) dropped two percent.
For more on stocks making moves today, be sure to check out BloggingStocks' market wrap up.