NEW YORK, NY / ACCESSWIRE / January 19, 2017 / Movement by the major indices were relatively quiet Wednesday on mixed corporate earnings and a drop in oil prices. The Dow Jones Industrial Average fell 0.11 percent, while the S&P 500 and Nasdaq posted slight gains of 0.18 percent and 0.31 percent, respectively. The rally in the financial sector following President Trump's election has since cooled off as investors await a clearer picture of the President's policies.

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"If you look at the banks and financial shares in general they had such a big pop late last year that some of this good news is already in the price," said Ed Campbell, a portfolio manager with asset manager QMA.

Citigroup Inc. (NYSE: C)

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Citigroup's shares declined 1.70 percent to close at $57.39 a share Wednesday. The stock traded between $57.10 and $58.28 on volume of 29.28 million shares traded. The company reported earnings of $3.57 billion, or $1.14 per share, for the fourth quarter of 2016, compared to $3.34 billion, or $1.02 per share, a year ago. Revenues for the quarter totaled $17.012 billion, a decrease of 8.0 percent year-over-year. The Company has explained that drop in revenue was mainly due to absence of net gains on asset sales in Citi Holdings. Consensus analyst estimates had called for earnings of $1.12 a share on revenue of $17.3 billion, according to analysts polled by Reuters.

"Our core businesses are beginning to produce the returns our investors expect and deserve. In 2016, we returned nearly $11 billion in capital to our shareholders. Even with this capital return, we ended the year with a Common Equity Tier 1 Capital ratio of 12.5%, 40 basis points higher than when we started the year, showing the capability of this franchise to consistently generate and return significant amounts of capital," commented Citi CEO Michael Corbat.

Goldman Sachs Group Inc. (NYSE: GS)

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Goldman Sachs' shares declined 0.62 percent to close at $234.29 a share Wednesday. The stock traded between $231.52 and $237.69 on volume of 7.59 million shares traded. The company reported earnings of $2.35 billion, or $5.08 a share, compared to earnings of $1.27 a share in same quarter a year ago when Goldman Sachs trimmed earnings by about $1.5 billion due to a mortgage-bond settlement. Revenues totaled $8.17 billion for the fourth quarter of 2016, an increase of 12 percent year-over-year. Goldman has also been trying to cut costs, and it started a program last year to slash $700 million from annual expenses, and the company said that it exceeded that target, taking out $900 million in expenses by the end of the year. Analyst expectations had called for earnings of $4.82 a share on revenues of $7.72 billion in the fourth quarter, according to The Wall Street Journal.

"After a challenging first half, the firm performed well for the remainder of the year as the operating environment improved," said Lloyd C. Blankfein, Chairman and Chief Executive Officer. "We continued to manage our expenses carefully and we enter the New Year with industry leading positions across our businesses, as well as strong capital and liquidity."

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