New York (CNN Busines) Investors clearly didn’t want to go into the upcoming three-day weekend holding onto financial stocks. The Dow fell a little more than 200 points, led by a steep fall in shares of JPMorgan Chase ( JPM ) and other big banks. The Dow closed 0.6% lower on Friday. The index is off nearly 1% over the past five days and has fallen 1.2% so far this month. The S&P 500 edged slightly higher and the Nasdaq rose 0.6% — but both indexes still dropped modestly for the week. So far in 2022, the S&P 500 is down 2% while the tech-heavy Nasdaq has slid 5%. A weak retail sales report for December didn’t help matters on Wall Street. Consumer spending surprisingly fell during that key holiday shopping month, raising concerns that runaway inflation is finally taking a toll on the economy. But while investors have been shunning big techs like Apple ( AAPL ) , Microsoft ( MSFT ) and Tesla ( TSLA ) this 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. Read… Read full this story
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