Bank of America, JPMorgan, Alcoa: Dow Movers
The Dow Jones Industrial Average dropped 137 points, or 1.1%, to 12,849. The S&P 500 dropped 17 points, or 1.3%, to 1,370 and the Nasdaq Composite tumbled 44 points, or 1.5%, to 3011.
Breadth within the Dow was negative with 28 of the index's 30 components posting losses.
The biggest percentage decliners in the index Friday were Bank of America
Shares of JPMorgan fell 3.64% to $43.21. The bank reported Friday first-quarter earnings of $5.38 billion, or $1.31 a share, down from year-earlier earnings of $5.55 billion. Analysts, on average, were expecting profit of $1.18 a share.
TheStreet Ratings gives JPMorgan a B+ grade with a buy rating and $51.21 price target.
Shares of Bank of America lost 5.34% to $8.68. The bank is being sued for charging customers who can't qualify for or don't want payment protection programs, according to The Associated Press. Bank of America is among seven banks or credit card companies that are being sued.
Bank of America is scheduled to report first-quarter results on April 19. Analysts, on average, expect earnings of 12 cents a share on revenue of $22.51 billion.
TheStreet Ratings gives Bank of America a C- grade and hold rating.
Alcoa shares fell 3.15% to $9.85. TheStreet Ratings gives Alcoa a C grade and hold rating.
--Written by Alexandra Zendrian in New York.
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