Stocks sell off Friday as investors cast a wary eye at upcoming earnings reports from the financial sector in light of JPMorgan Chase's rising credit costs. Gregg Greenberg recaps the day in The Real Story video.
NEW YORK ( TheStreet) -- Stocks closed lower Friday, as investors didn't like what JPMorgan Chase's ( JPM) 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.