U.S. stocks extended losing streak for a third session on Friday as upbeat earnings results failed to boost market sentiment hit by tighter bank regulation.
U.S. stocks suffered their worst one-day decline in nearly three months as bank shares tumbled after President Obama proposed to impose new limits on the size of the nation's biggest banks as well as restrict their risk-taking abilities.
Investor seemed to be rattled in recent sessions on concerns of China's tightening monetary policy and uncertainty about the effect of Obama's bank regulations.
Even as most corporate earnings beat expectations, few of them succeeded in lifting market sentiment.
General Electric reported before the opening bell that the company's net profit fell 19 percent, better than expected.
Search engine giant Google also posted fourth-quarter earnings that easily topped analyst estimates after Thursday's close.
The Dow Jones lost 216.90, or 2.09 percent, to 10,172.98. Broader indexes also tumbled. The Standard & Poor's 500 index fell 24.72, or 2.21 percent, to 1,091.76 and the Nasdaq plunged 60.41, or 2.67 percent, to 2,205.69. (PNA/Xinhua)
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