Stocks weakened shortly after 1 PM ET after Goldman Sachs broke decisively below $123, which was the price of its secondary.
Encouraging numbers from Goldman Sachs dominated discussion among the pros, who tied them to massive government stimulus efforts — and doubted they would carry ahead to economic numbers, or even to results from other investment banks.
By lunchtime Tuesday, stocks had slipped after Goldman Sachs said it planned a $5 billion sale of common stock to help pay back government funds.
So what do we know about bank earnings so far? We know that Wells Fargo said mortgage originations were strong, we know that Goldman saw big gains from fixed income.
Stocks recovered late yesterday in anticipation of Goldman's blowout numbers and now are off their lows today ahead of Intel's report after the bell.
Stocks opened lower Tuesday after a report showed retail sales unexpectedly dropped — and dropped sharply — in March. But Citigroup, Bank of America and General Motors advanced.
The senior lenders to Chrysler are planning to make a counteroffer to the Treasury Department this week, pushing back on a debt-reduction plan they say is too coercive.
Banks soared in global markets Tuesday after Goldman Sachs reported a strong first-quarter profit. But investors remained cautious on concerns over the fate of General Motors and the impact the economic slowdown has had on companies.
A little bit of economic cold water: Retail sales for March was a disappointment, Producer Price Index saw a big downtick, all of which cost us about 10 points on futures at 8:30 AM ET.
Stock futures retreated Tuesday after a report showed retail sales unexpectedly dropped -- and dropped sharply in March.
Richard Bove, financial strategist at Rochdale Securities, is bullish on the US banking sector as he sees an improvement in banks' overall operating businesses.
The US economy is not out of the woods yet, but the worst of the downturn will probably pass this year, as various components of the stimulus thrown at it will start to show results, White House adviser Christina Romer told CNBC Tuesday.
Goldman Sachs better-than-expected earnings isn't completely unexpected.
Asian markets were mixed Tuesday after Goldman Sachs' stronger-than-expected profit signaled the worst could be behind for U.S. banks, emboldening investors to chase after riskier assets.
Here's our Fast Money Final Trade. Our gang gives you tomorrow's best trades, right now!
Goldman reported early, coming in with earnings of $3.39 a share, well above the $1.64 expected.
The S&P 500 closed modestly higher on Monday with investors betting that big banks will post at least decent quarterly results. And after hours Goldman did far more than that...
As big banks start reporting their first-quarter earnings this week, investors will be looking to see if the recent good news suggests a turnaround is for real.
Stocks ended mixed in a dramatic finish Monday as the market was buzzing about President Obama's press conference on the economy tomorrow.
The pros showed lots of caution as the markets move deeper into earnings season, suspecting pullbacks after several strong weeks. Financials earnings will be of particular interest this week, but surprises are less likely. When the U. S. economy recovers, it is likely to do so before those of either Japan or Europe, because the U.S. has acted much more swiftly, forcefully, and, one hopes, appropriately.