Stocks suffered their largest one-day decline since November after financial companies reported steep drops in profits.
Goldman Sachs Group said its earnings fell 53% in the last quarter because of a slowdown in its investment banking business. Northern Trust and State Street also reported lower profits.
Losses are spread across the market. All ten industry groups that make up the Standard and Poor’s 500 index fell.
At the market close, the Dow Jones industrial average is down 13 points, or 0.1%, to 11,825. The S&P 500 is down 13, or 1%, to 1,282. The Nasdaq composite is down 41, or 1.5%, to 2,725.
Four stocks fell for every one that rose on the New York Stock Exchange. Volume came to 1.1 billion shares.