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