Stocks sink as big banks get pummeled

Stocks sink as big banks get pummeled

New York (CNN Busines)Investors clearly didn't want to go into the upcoming three-day weekend holding onto stocks. The Dow fell nearly 270 points, led by a steep fall in shares of JPMorgan Chase (JPM) and other big banks. The Dow was down 0.7% in late trading Friday. The index is off nearly 1.1% over the past five days and has fallen 1.3% so far this month. The S&P 500 was flat and the Nasdaq rose 0.5% — but both indexes are still set to drop modestly for the week. So far in 2022, the S&P 500 is down nearly 2.5% 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, …
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