Dow falls 400 points as stocks open lower after weak retail sales, bank earnings
U.S. stocks opened lower Friday, under pressure after a much weaker-than-expected reading on December retail sales and earnings from major banks. The Dow Jones Industrial Average fell 400 points, or 1.1%, to 35,714, while the S&P 500 dropped 0.8% to 4,624. The Nasdaq Composite was down 0.5% at 14,739. Retail sales fell 1.9% in December, compared with expectations for a 0.1% decline. Major Wall Street banks kicked off earnings season ahead of the bell. JPMorgan Chase & Co. (JPM) and Citigroup Inc. (C) reported lower profits on Friday, while Wells Fargo's (WFC) earnings climbed and beat Wall Street targets.
-William Watts
(END) Dow Jones Newswires
January 14, 2022 09:36 ET (14:36 GMT)
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