Business

Weak earnings drag US stocks mostly lower

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Just one day after the S&P 500 set at a record, the stock market lost ground Thursday as Best Buy, Goldman Sachs, Citigroup, and CSX posted disappointing earnings news. Goldman was the biggest drag on the Dow, falling 2%. The bank’s quarterly profit fell due to problems in the mortgage and bond- trading divisions. Still, its earnings beat forecasts. The market is fragile right now, said Scott Clemons, at Brown Brothers Harriman — ‘not as resilient as it was last year.’ Investors retreated to safe havens like government bonds, high-dividend stocks, and gold. The S&P 500 rose 0.5% Wednesday, briefly erasing its 2014 losses.

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