Shares of banks and other lenders and money managers fell after mixed earnings.
Goldman Sachs Group rose slightly after the largest Wall Street bank by revenue posted a higher-than-anticipated $3.62 billion third-quarter profit as bond-trading revenue soared.
"Today's Goldman earnings certainly helped with financials and the overall market," said Oliver Pursche, an independent market strategist. "Let's not forget earnings matter a great deal. In the long run earnings are more important than any of the theatrics coming out of D.C."
Shares of Bank of America declined after the second-largest U.S. bank by assets saw its trading desks stumble by comparison with the other banking giants. Bank of America's adjusted trading revenue rose by 3%, compared with jumps of 30% at JPMorgan and 17% at Citigroup.
Wells Fargo said Wednesday that its third-quarter profit fell 56% to $2.04 billion, though the San Francisco bank set aside a much smaller amount to cover bad loans than it had done in the second quarter.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
10-14-20 1726ET
