Updated from 4:20 p.m. EDTFinancials led the stock market lower on Tuesday as investors brushed off Goldman Sachs' ( GS) upbeat earnings and focused on disappointing economic data. The Dow Jones Industrial Average dropped 137.63 points, or 1.7%, to 7920.18, and the S&P 500 lost 17.23 points, or 2%, to 841.50. The Nasdaq was off by 27.59 points, or 1.7%, at 1625.72. Citigroup ( C) rose 5.5%, but other financials were the worst performers on the Dow, and the KBW Bank Index fell 8.1%. American Express ( AXP) lost 9.9%, Bank of America ( BAC) declined 8.4%, and JP Morgan Chase ( JPM) fell 8.9%.