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Dow drops 200 points Friday as bank stocks get hit, market posts second losing week to start 2022

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Major bank stocks declined after their earnings reports on Friday, weighing on the U.S. markets. The Dow fell 0.56%. The S&P 500 rose 0.08%. The Nasdaq gained 0.59%.

Major bank stocks declined after their earnings reports on Friday, weighing on the U.S. markets as Wall Street notched a second straight negative week to start the year.

Citigroup's stock fell 1.3% after the bank beat revenue estimates but showed a 26% decline in profits. Shares of Morgan Stanley and Goldman Sachs, which report next week, also declined. On the data front, retail sales were down 1.9% in December, a worse reading than the 0.1% drop expected by economists surveyed by Dow Jones. January's preliminary consumer sentiment reading from the University of Michigan came in lower than expected as Americans reported higher long-term inflation expectations.

 

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