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Stocks Stumble as Investors Balk at Banks

NEW YORK ( TheStreet) -- Stocks closed lower Friday, as investors didn't like what JPMorgan Chase's (JPM - Get Report) rising credit costs may mean for the rest of the financial sector as it heads into earnings season.

The Dow Jones Industrial Average lost 101 points, or 0.9% to 10,610. The S&P 500 was dow 12 points, or 1.1%, to 1136, and the Nasdaq shed 29 points, or 1.2%, to 2288.

Each of the major averages also lost ground for the week. The Dow fell about 0.1%, while the S&P 500 declined by 0.8%. The Nasdaq tumbled 1.3% since last Friday.

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"I'm seeing a lot of market tiredness today," said Andrew Neale, portfolio manager for wealth management and advisory firm Fogel Neale Partners. "We've had a tremendous run over the past few weeks; there have been a lot of new highs made; and now we're seeing a bit of a correction.

"Next week, we expect the market to sell off a little more," Neale said, adding that the market could correct several percentage points more. "We were a little cautious heading into this week, and it looks like that's played out."

Although JPMorgan's fourth-quarter earnings rose to $3.3 billion, or 74 cents a share, beating analysts' expectations for a profit of 61 cents a share, revenue of $25.2 billion missed estimates for $27.02 billion. The company added $1.9 billion to reserves for consumer loan losses and said it wrote off loans at a 9.3% annualized rate during the fourth quarter.
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BAC $14.56 0.00%
C $46.28 0.00%
COF $72.39 0.00%
JPM $63.20 0.00%
INTC $30.28 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

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