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U.S. stocks drop as Goldman weighs on financials

NEW YORK (MarketWatch) -- U.S. stocks fell on Wednesday, with the S&P 500 and the Nasdaq Composite both posting their biggest one-day drop since November, as revenues from Goldman Sachs and an outlook from American Express disappointed investors. The Dow Jones Industrial Average /quotes/comstock/10w!i:dji/delayed (DJIA 11,825, -12.86, -0.11%) fell 12.86 points, or 0.1%, to 11,825.07, weighed by 4% drop in shares of Bank of America /quotes/comstock/13*!bac/quotes/nls/bac (BAC 14.38, +0.01, +0.07%) , and more than 2% drops in shares of both American Express /quotes/comstock/13*!axp/quotes/nls/axp (AXP 45.15, -0.09, -0.20%) and JP Morgan Chase /quotes/comstock/13*!jpm/quotes/nls/jpm (JPM 43.75, +0.04, +0.09%) . The S&P 500 index /quotes/comstock/21z!i1:in\x (SPX 1,282, -13.10, -1.01%) dropped 13.10 points, or 1%, to 1,281.92, with financial and materials weighing the most. The Nasdaq Composite /quotes/comstock/10y!i:comp (COMP 2,725, -40.49, -1.46%) lost 40.49 points, or 1.5%, to 2,725.36. It was the worst percentage drop for both the S&P and the Nasdaq since Nov. 16.