U.S. equity markets closed lower on Friday, led by a selloff in banking stocks, but the main indexes still posted weekly gains. The first-quarter earnings season kicked off with the releases from J.P.Morgan, Citigroup Inc. and Wells Fargo. But shares of banks fell sharply even as the profits were in line or above expectations. The Dow Jones Industrial Average fell 122.91 points, or 0.5%, to 24,360.14 but ended the week 1.8% higher. The S&P 500 index declined 7.69 points, or 0.3% to 2,656.30 and booked a 2% weekly gain. Meanwhile the Nasdaq Composite was down 33.60 points, or 0.5% to 7,106.65, but finished the week with a 2.8% gain. Among the worst performers on the S&P 500, Wells Fargo & Company fell 3.4% as revenues declined while JPMorgan lost 2.7%.
Read the full story: Stock market ends solid week on a sour note as bank shares slump after earnings