After the Nasdaq composite index closed down 1.12 percent to trade at 2,265.7 and the S&P 500 index fell 2.01 percent to close at 1,116.48, Google (NASDAQ:GOOG) and several lesser known tech and financial companies reported earnings.

American Express (NYSE:AXP) exceeded estimates but is trading down 2.23 percent in after-hours trading. People’s United Financial (NASDAQ:PBCT) met expectations and is down 0.42 percent. BancorpSouth (NYSE:BXS) missed expectations but is trading up 0.04 percent. Interactive Brokers (NASDAQ:IBKR) is down 7.64 percent as it missed earnings expectations.

Search engine giant Google reported fourth quarter earnings of $6.13 per share, up from $1.21 a year ago. Its fourth quarter revenue was $6.67 billion, up 17 percent year-on-year.

Google earned $3.53 billion from outside the U.S., which is 53 percent of its fourth quarter revenues. When asked about China in the earnings conference call, Google said it still valued its business and employees in China, and that it is currently negotiating with the nation’s government. Last week, Google announced it is reconsidering its business operations there after various sophisticated cyber attacks by unidentified parties and increasing attempts by the government to censor its search results.

Google fell 4.53 percent in after-hours trading. AMD (NYSE:AMD) beat expectations but is trading down 4.23 percent. Microsemi (NASDAQ:MSCC), which met expectations, is trading down 1.92 percent.

The stock market closed down today after President Obama issued a proposal to further restrict banking activities. The proposal, if enacted, would restrict certain banks from involving themselves with hedge funds, private equity funds, and proprietary trading operations.

Obama also pushed forward his “too big to fail” agenda by proposing to impose market share limits on the sources of funding for banks.

This is the latest development in a series of macro events that moved the stock market this week. An unexpected Republican victory in the Massachusetts Senate race lifted markets on Tuesday. The market dropped yesterday on news that the Chinese government will restrict big banks from lending for the rest of January.

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