S&P 500 retreats from record; bank profits disappoint

By Ryan Vlastelica NEW YORK (Reuters) – U.S. stocks fell on Thursday, with the S&P 500 pulling back from record levels following a round of disappointing earnings as financial stocks led the way lower. Financials were the biggest drag on the market after both Citigroup Inc and Goldman Sachs Group Inc reported quarterly profits hit by lower bond trading revenue, with Goldman's earnings falling 21 percent and Citigroup's missing expectations. The results followed fairly positive reads on the sector from JPMorgan Chase & Co , Bank of America Corp and Wells Fargo & Co . Goldman's stock slid 2.2 percent to $174.79 and ranked as one of the Dow's biggest decliners, while Citigroup dropped 4.1 percent to $52.74.