The Dow put the wraps on another losing week Friday as bank stocks and weak economic data worried investors. The Dow fell 201 points to 35,911, the S&P 500 eked out a 3-point gain to 4,662, and the Nasdaq shook off Thursday's tech selloff to rise 86 points to 14,893. CNBC chalks up the lackluster day for the broader market to poor-performing bank stocks, particularly JPMorgan Chase and Citigroup, which reported disappointing revenue figures. Also, retails sales dropped by 1.9% in December, per the AP.
“The retail sales number was ugly, there’s no getting around it,” Cliff Hodge, chief investment officer for Cornerstone Wealth, tells the Wall Street Journal. “It’s tough to say how much of the miss is related to inflation impacts, omicron, or the roll-off of government benefits, but combined with some disappointing bank earnings this morning, the markets are likely in for a bit of a tough slog.” (More stock market stories.)
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