Investors drove the stock market lower for a second straight day Friday as they grew anxious earnings growth was faltering. Weaker earnings at JPMorgan Chase dragged bank stocks lower. And big drops in once-soaring tech stocks pushed the Nasdaq down for a third week.
"The market has been trying to come back, but each time the selling just picks up," said Quincy Krosby, a market strategist at Prudential. "The buyers are just not stepping in."
Stocks fell from the open on news that JPMorgan had missed analysts' earnings estimates. Investors who were worried that technology shares were overvalued dumped those for a second day, with some of the biggest gainers of late falling sharply. Facebook fell 1.06 percent, after a 5 percent drop on Thursday.
The first-quarter earnings season has just started, but investors already seem anxious about what lies ahead. "Earnings are going to come in on the sloppy side," said Peter Cardillo, chief market economist at Rockwell Global Capital.
The Nasdaq dropped 1.34 percent to 3,999.73. It was only the second time this year the index has closed below the 4,000 mark. The Dow Jones industrial average fell 143.47 points to 16,026.75. The S&P 500 fell 0.95 percent to 1,815.69. -- AP