Dow Jones News: Goldman Sachs Builds Reserves; UnitedHealth Keeps Guidance
The Dow Jones Industrial Average (DJINDICES: ^DJI) headed lower on Wednesday, down 2.8% at 11:25 a.m. EDT. U.S. retail sales tumbled by 8.7% in March, the largest one-month decline on record, and multiple banks missed analyst estimates due to elevated loan-loss reserves. The rally over the past few weeks is now running up against the reality of a deep recession.
Goldman Sachs (NYSE: GS) was one company that took an earnings hit to boost reserves, although revenue was higher than expected. Meanwhile, UnitedHealth Group (NYSE: UNH) managed to impress investors with solid results and reaffirmed guidance for the full year.
Image source: Getty Images.
Source Fool.com
