Specialist Anthony Rinaldi works at his post on the floor of the New York Stock Exchange, Friday, April 11, 2014. Weaker earnings at JPMorgan Chase are dragging bank stocks lower in early trading. Technology and biotech stocks also fell, a day after the worst rout for the Nasdaq composite index since 2011. (AP Photo/Richard Drew)
NEW YORK (AP) — Investors drove the stock market lower for a second straight day Friday as they grew anxious that earnings growth was faltering.
Weaker results at JPMorgan Chase dragged bank stocks lower. And big drops in once-soaring tech stocks pushed the Nasdaq composite down for a third week.
“The market has been trying to come back, but each time the selling just picks up,” said Quincy Krosby, a market strategist at Prudential. “The buyers are just not stepping in.”
So much for buying on the dip.
Stocks fell from the start of trading on news that JPMorgan had missed analysts’ earnings estimates. Investors, who were worried that technology shares were overvalued, dumped those for a second day, with some of the biggest gainers of late falling Login to read more