Wall Street drops after tepid big bank results

Wall Street drops after tepid big bank resultsThe sector fell for the first time in four sessions, down 0.75%, dragged lower by a 3.2% tumble in Goldman Sachs Group Inc and a 0.7% dip in Citigroup Inc after the banks missed revenue estimates. The S&P banking index fell 1.12%, also weighed down by a 1.6% drop in JPMorgan Chase. "With less-than-stellar Goldman results, despite the bottom-line beat, it's not necessarily surprising to see financials pulling back a little bit," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles.

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