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Dow falls 400 points as stocks open lower after weak retail sales, bank earnings

30005 dow falls 400 points as stocks open lower after weak retail sales bank earnings

U.S. stocks opened lower Friday, under pressure after a much weaker-than-expected reading on December retail sales and earnings from major banks. The Dow Jones Industrial Average DJIA, -0.56% fell 400 points, or 1.1%, to 35,714, while the S&P 500 SPX, +0.08% dropped 0.8% to 4,624. The Nasdaq Composite COMP, +0.59% was down 0.5% at 14,739. Retail sales fell 1.9% in December, compared with expectations for a 0.1% decline. Major Wall Street banks kicked off earnings season ahead of the bell. JPMorgan Chase & Co. JPM, -6.15% and Citigroup Inc. C, -1.25% reported lower profits on Friday, while Wells Fargo’s WFC, +3.68% earnings climbed and beat Wall Street targets.

Source: Marketwatch

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