Stocks sink as big banks get pummeled
New York (CNN Busines) Investors clearly didn't want to go into the upcoming three-day weekend holding onto stocks.
The Dow fell more than 350 points, led by a steep fall in JPMorgan Chase (JPM) and other big banks.
The Dow was down 1% Friday and is off nearly 1.3% during the past five days.
The average of 30 blue chips has now fallen about 1.6% so far this month.
The S&P 500 and Nasdaq dipped 0.5% and 0.1% respectively, with both set to drop about 1% for the week.
The S&P 500 is down nearly 3% in 2022 while the tech-heavy Nasdaq has slid more than 5%.
Apple AAPL Microsoft MSFT Tesla TSLA But while investors have been shunning big techs likeandthis year, bank stocks were a bright spot for the market -- until Friday.
Investors were disappointed by JPMorgan Chase's nearly 15% drop in earnings from the fourth quarter of 2020.