Stock market news today: Dow dives 400 points as Goldman Sachs misses

US stocks closed lower on Tuesday, as investors digested the latest slate of earnings from Wall Street's heavyweight investment banks.

Goldman Sachs contributed most to the market's sour sentiment, with the firm missing fourth-quarter expectations and weighing heavily on the Dow. Morgan Stanley reported better-than-expected earnings. Still, both firms noted the more challenging macroeconomic environment, and saw declines in dealmaking.

Early Tuesday, the New York Fed's Empire State Manufacturing Index declined nearly 22 points to -32.9, the lowest reading in nearly two years.

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