Sliding Bank Stocks Are a Drag on the Dow

Index falls 122
By Newser Editors and Wire Services
Posted Apr 13, 2018 3:20 PM CDT
Sliding Bank Stocks Are a Drag on the Dow
This April 5, 2018, photo shows part of the trading floor of the New York Stock Exchange.   (AP Photo/Richard Drew)

Major US stocks closed lower Friday, weighed down by declines in banks. The Dow Jones industrial average lost 122 points, or 0.5%, to 24,360, per the AP. The Nasdaq composite declined 33 points, or 0.5%, to 7,106. The S&P 500 fell 7 points, or 0.3%, to 2,656. Several major banks reported profits that beat forecasts Friday, partly due to the new tax law and higher interest rates, but their stocks fell anyway because of concerns investors saw nestled in their financial reports. Wells Fargo fell 3.4% and JPMorgan Chase lost 2.7%. Regional bank PNC Financial gave up 4.1%. Energy stocks rose along with the price of oil. Marathon Oil jumped 3%.

(More stock market stories.)

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