The broad indexes all pulled back over 1%, after China's first-quarter gross domestic product growth came in at an 8.1% annualized pace, slowing from 8.9% during the fourth quarter.
A market rally during the previous session had in part reflected whispers that China's first-quarter gross domestic product report would show a surprisingly strong annualized growth rate of 9%.
The KBW Bank Index (I:BKX) declined over 3% to close at 47.18.JPMorgan Chase (JPM) and Wells Fargo (WFC) led off earnings season for the largest U.S. banks, and the reaction wasn't pretty despite above-consensus profits from both companies. JPMorgan Chase
JPMorgan's shares pulled back 4% on Friday to close at $43.21. The stock has now returned 31% year-to-date, following a 20% decline during 2011.
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