The Dow Jones Industrial Average slumped on Friday as the banking sector declined. The Dow industrials ended 122.91 points, or 0.5%, lower at 24,360.14, with nearly 80 points of that downdraft produced by declines in JP Morgan Chase & CO. and Boeing Co. The slide for JP Morgan, down 2.7%, came even as the banking behemoth released results for the first-quarter that were better than expected, along with a number of other upbeat earnings reports from the banking sector. Still, that group was the greatest drag on the broader market. Part of the reasoning is that expectations for earnings to outperform have set up a scenario in which investors are taking profits after the fact, rather than placing further bets on banks, market participants said. Meanwhile, the S&P 500 index closed off 0.3% at 2,656.30, with the banking sector down 1.6%, while the Nasdaq Composite Index closed down 0.5% at 7,106.65.
Read the full story: Stock market ends solid week on a sour note as bank shares slump after earnings