Stocks retreat from record highs as earnings season kicks into full gear

U.S. stocks closed lower on Thursday as Wall Street digested earnings from some of the top financial companies.

The Dow Jones industrial average finished 31.88 points lower at 22,841.01,after hitting an intraday record.The Nasdaq composite also notched an intraday record, before closing 0.2 percent lower at 6,591.51. The S&P 500 declined 0.2 percent to 2,550.93 after reaching an all-time high earlier in the session.

"We still have a long way to go in the earnings season to know where things are," said Ken Moraif, senior advisor at Money Matters. But "there's a lot of optimism in the market that earnings will be good."

JPMorgan Chase reported third-quarter earnings and revenue that beat analyst expectations. The banking giant, however, also reported a 27 percent year-over-year decline in fixed income trading revenue.

Citigroup also posted better-than-expected quarterly results, driven by growth in its global consumer business.

Other major financial companies slated to report this week include Bank of America and Wells Fargo.

Source: Bloomberg Pro Terminal

Jr Trader Alexander Kumanov

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