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

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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