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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV