This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

> > Bull or Bear? Vote in Our Poll

"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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
BAC $16.63 -0.66%
C $54.34 -0.97%
COF $84.11 -0.61%
INTC $33.92 0.64%
JPM $65.85 -0.93%

Markets

DOW 18,082.84 -80.15 -0.44%
S&P 500 2,115.98 -7.50 -0.35%
NASDAQ 5,084.7130 -21.88 -0.43%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs