Business

Wall Street: Bank shares retreat over pace of regulatory change

NYSE traders Image copyright Reuters

The Dow Jones and S&P 500 indexes dipped on Monday, with bank shares coming under pressure.

Doubts about Washington's ability to push through financial de-regulation weighed on banks, with Goldman Sachs and JP Morgan both down more than 0.7%.

Scandal-hit bank Wells Fargo also fell, ending 1.8% down after it disclosed a big fall in credit cards applications.

At the bell, the Dow was 0.1% off at 20,905.8, the S&P fell 0.2% to 2,373.4, and the Nasdaq was flat at 5,901.3.

Caterpillar jumped 2.7% after disclosing that machine sales in Asia-Pacific jumped 39% over the last three months compared with the year-ago period. Worldwide machine sales dropped 1% over that period.

Advanced Micro Devices jumped 6.8% after a note from Jefferies investment bank lifted its sales estimate for the company in anticipation of new product launch.