Earnings drop at JPMorgan drags bank stocks lower

AP News
Posted: Apr 11, 2014 11:54 AM

NEW YORK (AP) — Weaker earnings at JPMorgan Chase are dragging bank stocks lower in midday trading.

Technology and biotech stocks also fell, a day after the worst rout for the Nasdaq composite index since 2011.

The Nasdaq fell another 15 points, or 0.4 percent, to 4,039 as of noon Eastern time Friday. The index is headed for its third weekly loss in a row.

The Standard & Poor's 500 index fell six points, or 0.4 percent, to 1,826. The Dow Jones industrial average fell 74 points, or 0.5 percent, to 16,095.

JPMorgan Chase led a decline in bank stocks after reporting weaker earnings because of a decline in bond trading and mortgages.

Treasury prices rose. The yield on the benchmark 10-year Treasury note fell to 2.6s percent.