Wall Street declines

CNBC's Margaret Brennan - Financial stocks declined and three negative pieces of economic data added upto a triple digit loss on the Dow, which ended the day down on USD 109 points. The Nasdaq snapped its three-day winning streak, losing 17 points.

Goldman Sachs reported an 11% drop in profit and while that decline was better than expected, it did kick off fears once again about the health of the financial sector after the company warned that banks might need to raise as much as USD 65 billion in new capital this year. Goldman shares ended the day down 1.5%.

The commerce department says that the pace of new home construction headed 17 year low last month and the request for building permits, which are an indicator of the future construction also slowed, that puts pressure on home building stocks.

Wholesale inflation rose 1.4% in May that’s the biggest increase in 6 months but the price of oil did decline for the third straight session on Tuesday settling on a USD 134/bbl. Shares of Exxon Mobil and Chevron gained ahead of the release of inventory data on Wednesday.

Wall Street action
Financial stocks decline
Triple digit loss on Dow, ends down 109 points
Nasdaq snaps 3-day winning streak, declines 17 points
Goldman Sachs reports 11% loss in profit
GS warns that banks may need to raise $65 bn in fresh capital
Goldman shares ended the day down 1.5%
Comm Dept says pace of new home construction at 17-yr low
Wholesale inflation up 1.4% in May, biggest increase in 6 months
Oil declines for 3rd straight session, around $134/bbl
Exxon Mobil & Chevron up ahead of inventory data today