US stocks end lower after bank earnings fall

AP News
Posted: Jan 15, 2015 4:13 PM

NEW YORK (AP) — The stock market is ending lower following weaker earnings from banks.

Bank of America fell 5 percent after it reported an 11 percent slide in fourth-quarter net income, hurt by a slowdown in trading revenue.

The Dow Jones industrial average fell 106 points, or 0.6 percent, to close at 17,320 Thursday.

The Standard & Poor's 500 index slid 18 points, or nearly 1 percent, to 1,992. The Nasdaq composite dropped 68 points, or 1.5 percent, to 4,570.

The Swiss franc soared after the country's central bank abandoned an increasingly expensive policy to limit the currency's rise.

Bond prices jumped. The yield on the 10-year Treasury note dropped to 1.74 percent from 1.86 percent.