US stocks slid on Friday after JPMorgan Chase & Co reported deep fourth-quarter loan losses that raised concerns about earnings for the banking industry. JPMorgan, the first major bank to report quarterly results, shed 2 percent to $43.78 while other banks, scheduled to announce results next week, also fell.
Bank of America Corp lost 3.5 percent to $16.23 and Wells Fargo & Co was off 3 percent to $28.13. The Dow Jones industrial average was down 136.80 points, or 1.28 percent, at 10,573.68. The Standard & Poor's 500 Index fell 15.74 points, or 1.39 percent, at 1,133.54. The Nasdaq Composite Index shed 35.35 points, or 1.52 percent, at 2,281.62. US financial markets will be closed on Monday for the Martin Luther King Jr. Day holiday.
The S&P Financial index was the biggest percentage loser among S&P sectors, down 2.1 percent. Intel Corp, another Dow component and the world's largest chipmaker, late Thursday posted fourth-quarter results that beat Wall Street forecasts. Tech stocks helped the market end higher on Thursday. Intel shares fell 1.9 percent to $21.06 on Friday on what analysts said was profit-taking.
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