NEW YORK (TheStreet) -- Stocks were lower Thursday as the financial sector was squeezed by disappointing earnings from Citigroup(C) - Get Report and Bank of America(BAC) - Get Report and high-momentum tech names were caught up in a selloff.

The S&P 500 was down 0.66%, the Dow Jones Industrial Average fell 0.46%, and the Nasdaq slid 1.2%.

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Bank of America and Citigroup tumbled after both reported quarterly revenue and profits below estimates. A day earlier, JPMorgan(JPM) - Get Report tanked after the bank racked up nearly $1 billion in legal costs associated with government investigations in the fourth quarter. WellsFargo(WFC) - Get Report also declined on a so-so quarterly report.

The Select Sector Financial SPDR ETF (XLF) - Get Report  dumped 1%. Goldman Sachs(GS) - Get Report will report Friday morning.

High-momentum tech names were dragged lower, led by a drop in Apple(AAPL) - Get Report shares of more than 2%. The company was under pressure after analysts at Mizuho downgraded the stock to "neutral" based on a predicted slowdown in iPhone sales.

Amazon(AMZN) - Get Report shares were also lower as Pacific Crest analysts reduced their 2015 revenue estimates by 1.7% to account for currency risks. However, the firm reiterated an "outperform" rating and raised operating margin and profit forecasts. 

Other high-momentum movers caught up in the selloff included Facebook(FB) - Get Report , Yahoo! (YHOO) , and Twitter(TWTR) - Get Report . The Technology SPDR ETF (XLK) - Get Report fell 1%.

Crude oil trading was volatile after the commodity posted its biggest gain in two-and-a-half years on Wednesday. Earlier Thursday, West Texas Intermediate had rallied more than 3% and reclaimed a level above $50 a barrel. By midafternoon, oil had fallen 4.2% to $46.44 a barrel.

"It's more short-covering," said Michael Ball, portfolio manager of Weatherstone Capital Management, about the increased volatility in oil. "As people watch crude steadily come down, nervously trying to pick a bottom, once they started to see crude start to stabilize and move higher, they're now rushing in."

The Swiss National Bank unsettled global markets by scrapping its four-year-old cap on its currency, removing the 1.20 floor against the euro. Shortly after the announcement, the franc soared nearly 30% against the euro. The euro is now down around 12% against the franc at $1.0544.

European markets suffered a choppy trading session with Germany's DAX losing 250 points in the minutes after the Swiss National Bank's announcement before bouncing back. The Swiss Market Index plummeted more than 10% as investors fled in favor of "safe haven" assets such as gold and bonds.

The Producer Price Index for December fell 0.3%, reflecting the impact of lower gasoline prices, a slightly deeper dip than a 0.2% decrease in November. Economists had expected a drop of 0.4%. Excluding volatile items such as gas, core prices climbed 0.3% compared to an expected 0.1% increase. 

Target(TGT) - Get Report shares jumped 2% after the company announced its full exit from Canada. The retailer will shutter 133 stores in the country. Best Buy(BBY) - Get Report slid after warning of lower sales in the first half of this year on price pressure and weaker demand. Shares were down more than 11%.

BlackBerry (BBRY) shares were coming back down to earth after soaring nearly 30% Wednesday afternoon on Samsung takeover rumors. The smartphone maker denied reports that Samsung had approached it with an offer. Shares dropped 18.7%.

Adobe(ADBE) - Get Report shares gained 0.7% as its board announced a new $2 billion buyback program through to 2017. The company has been active in repurchasing stock, buying up $689 million over fiscal 2014.

RadioShack (RSH) plummeted nearly 30% on reports it could file for bankruptcy as early as next month. The electronics retailer had depleted cash reserves following a failed turnaround attempt, according to the Wall Street Journal.

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--Written by Keris Alison Lahiff in New York.