Stocks took a breather as they returned from the holiday weekend, with the Dow shedding 391 points as it joined the S&P 500 in snapping a four-day win streak. Bank earnings weighed on the broader market, which had been enjoying tailwinds following inflation-related data, especially after Goldman Sachs (GS) reported its worst earnings miss in over 10 years. Meanwhile, the Nasdaq logged a modest gain and marked its seventh-straight win.
GOLD PRICES COOL DOWN TO KICK OFF NEW WEEK
Oil prices finished higher on Tuesday, and settled above the $80 region for the first time in over two weeks. Better-than-expected economic data out of China contributed to this rise, as the country continues to reassess its strict Covid-19 measures. February-dated crude rose 32 cents, or 0.4%, to settle at $80.18 per barrel.
Meanwhile, gold prices settled lower, but still managed to stay above the psychologically significant $1,900 region. Investors were eyeing the World Economic Forum gathering in Davos, and weighed gold demand from China. February-dated gold fell $11.80, or 0.6%, to settle at $1,909.90 per ounce.
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