Stocks slip after spirited winning streak
U.S. stocks fell, ending the longest weekly winning streak for the Standard & Poor’s 500-stock index since 2007, after Goldman Sachs Group and Citigroup failed to beat analysts’ earnings estimates and housing starts slid more than forecast.
The S&P 500 pared its weekly slump Friday after General Electric reported higher-thanprojected profit, driving its shares up 7.1 percent. Goldman Sachs and Citigroup fell more than 4.6 percent last week after declines in trading hurt their earnings. Massey Energy lost 4.8 percent.
The S&P 500 declined 0.8 percent to 1283.35, the first drop after seven straight weeks of gains. The Dow Jones industrial average added 84.46 points, or 0.7 percent, to 11,871.84.
“You came into earnings season with the bar set pretty high,” said Scott Migliori of RCM, a unit of Allianz Global Investors that oversees more than $145 billion in assets. “Expectations have been ratcheted up over the last couple of months as the macroeconomic data points and macroeconomic outlook have improved. A pullback in late January, early February is reasonable.”
The S&P 500 fell after climbing to the highest level since August 2008 on Jan. 18.
The Treasury will sell $29 billion in threemonth and $28 billion in six-month bills on Monday. They yielded 0.147 percent and 0.188 percent, respectively, in when-issued trading. The U.S. will also sell $35 billion in both two-year and five-year notes and $29 billion in seven-year notes. They yielded 0.648 percent, 2.055 percent and 2.789 percent.