{"id":1162,"date":"2010-10-19T09:51:00","date_gmt":"2010-10-19T09:51:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/market-opens-lower-as-bank-of-america-and-goldman-sachs-report-q3-results\/1160\/"},"modified":"2010-10-19T09:51:00","modified_gmt":"2010-10-19T09:51:00","slug":"market-opens-lower-as-bank-of-america-and-goldman-sachs-report-q3-results","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/market-opens-lower-as-bank-of-america-and-goldman-sachs-report-q3-results\/1162\/","title":{"rendered":"Market Opens Lower as Bank of America and Goldman Sachs report Q3 Results"},"content":{"rendered":"

The U.S. equity market has opened lower today, with all three major indexes in red. The Dow Jones<\/a> opened lower at 11,139.60, the S&P 500<\/a> opened lower at 1,178.64 and the Nasdaq<\/a> opened lower at 2,442.21.<\/p>\n

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Bank of America Corporation (NYSE: BAC<\/a>) today reported its third-quarter financial results earlier today. The bank posted a loss of $7.3 billion, primarily due to a $10.4 billion write-down in the value of its credit card unit. Excluding this one-time charge, the bank reported third-quarter earnings of $3.1 billion, or $0.27 per share, beating consensus estimate of $0.16 per share. The bank reported $5.4 billion in provision for credit losses, down $2.7 billion from the second quarter of 2010 and $6.3 billion from the third quarter of 2009. Shares of Bank of America have opened lower today, and are currently down 1.13% to $12.20.<\/p>\n

Goldman Sachs (NYSE: GS<\/a>), the New York City-based investment banking giant, also reported its third-quarter financial results. The bank reported a 40% drop in third-quarter profit, primarily due to weaker trading revenues. Goldman Sachs reported third-quarter net income of $1.9 billion, or $2.98 per share, compared with $3 billion, or $5.74 per share reported in the third quarter of 2009. However, Gold<\/a> did manage to beat Street estimates. The bank reported third-quarter revenue of $8.9 billion, down 28% over the third quarter of 2009 due to weaker performance at its trading and principal investments divisions. Shares of Goldman Sachs are currently up 1.20% to $155.54, after opening at $150.93.<\/p>\n

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