US STOCKS-After rally, earnings gloom sets in on Wall Street
* Goldman Sachs biggest drag on Dow
* Allergan sinks after new tax inversion rules
* Indexes down: Dow 0.45 pct, S&P 0.78 pct, Nasdaq 0.70 pct (Updates to afternoon)
By Noel Randewich
April 5 (Reuters) - Wall Street fell on Tuesday as investors took gains off the table after a recent rally and ahead of an upcoming quarterly reporting season that is expected to reveal sharply lower earnings.
Following a 13-percent surge over the past seven weeks, the S&P 500 declined 0.78 percent, with all 10 sectors down and a sharp drop in pharmaceutical company Allergan.
"In front of earnings season you have people pulling back a little bit and trying to consolidate what they have," said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.
As S&P 500 companies hand in their first-quarter reports over the next several weeks, average earnings are expected to fall 7.1 percent from the year-ago period, with the energy sector weighing most heavily, according to Thomson Reuters data.
Reflecting concerns on Wall Street, International Monetary Fund Managing Director Christine Lagarde on Tuesday warned of increasing risks to global economic growth unless policymakers take stronger measures. Continuación...