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Dow's 122-point stumble driven almost entirely by JP Morgan, Boeing stocks

The Dow Jones Industrial Average slumped on Friday because the banking sector declined. The Dow industrials DJIA, -Zero.50% ended 122.91 issues, or Zero.5%, decrease at 24,360.14, with just about 80 issues of that downdraft produced by means of declines in JP Morgan Chase & CO. JPM, -2.71% and Boeing Co. BA, -2.43% The slide for JP Morgan, down 2.7%, came even because the banking behemoth released effects for the first-quarter that have been higher than expected, in conjunction with various different upbeat income stories from the banking sector. Still, that group was the greatest drag on the broader marketplace. Part of the reasoning is that expectations for income to outperform have set up a scenario wherein traders are taking profits after the reality, rather than placing additional bets on banks, marketplace individuals stated. Meanwhile, the S&P 500 index SPX, -Zero.29% closed off Zero.three% at 2,656.30, with the banking sector XLF, -1.51% down 1.6%, while the Nasdaq Composite Index COMP, -Zero.47% closed down Zero.5% at 7,106.65.

Read the total story: Stock marketplace ends solid week on a bitter word as bank shares slump after income