Stocks fell broadly in afternoon trading on Wall Street on Thursday and banks were among the biggest weights on the market following weak earnings and a warning from JPMorgan Chase.
The S&P 500 fell 0.4%, the Dow Jones Industrial Average fell 0.6% and the Nasdaq fell 0.1%. JPMorgan Chase reported a sharp drop in earnings for its latest quarter, falling short of forecasts. CEO Jamie Dimon reaffirmed a pessimistic view of the economy. Inflation at the wholesale level climbed 11.3% in June compared with a year earlier.As the Associated Press reported, banks had some of the biggest losses and weighed heavily on the market. JPMorgan Chase fell 3.
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