US stocks end lower after bank earnings fall
NEW YORK (AP) - The stock market is ending lower following weaker earnings from banks.
Bank of America fell 5 percent after it reported an 11 percent slide in fourth-quarter net income, hurt by a slowdown in trading revenue.
The Dow Jones industrial average fell 106 points, or 0.6 percent, to close at 17,320 Thursday.
The Standard & Poor's 500 index slid 18 points, or nearly 1 percent, to 1,992. The Nasdaq composite dropped 68 points, or 1.5 percent, to 4,570.
The Swiss franc soared after the country's central bank abandoned an increasingly expensive policy to limit the currency's rise.
Bond prices jumped. The yield on the 10-year Treasury note dropped to 1.74 percent from 1.86 percent.
Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked.
If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.