Wall Street tumbled on Friday, with the major indexes down one percent or more, on investor concerns over new regulations in China, Greece's debt negotiations and disappointing earnings reports from US corporations. All ten major S&P 500 sectors lost ground, with the S&P Financials index losing 1.24 percent and the S&P Consumer Discretionary index off by 1.27 percent.
"Today, it just seems the wall of worry is higher than it's been in a while because of Greece, oil, earnings and economic data from the past few days," said Jeffrey Carbone, senior partner, Cornerstone Financial Partners, in Cornelius, NC.
Both Honeywell International and General Electric blamed the strong dollar for lower revenue. Shares of Honeywell were down 1.6 percent at $102.29, while GE shares were up 0.3 percent at $27.35.
Dow component American Express, the world's largest credit card issuer, was the biggest drag on the index. It fell 4.3 percent to $77.37 after revenue missed analysts' estimates, partly due to the currency impact.
At 1:03 pm EDT (1703 GMT), the Dow Jones industrial average fell 241.83 points, or 1.34 percent, to 17,863.94, the S&P 500 lost 20.81 points, or 0.99 percent, to 2,084.18 and the Nasdaq Composite dropped 71.63 points, or 1.43 percent, to 4,936.16.
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