Markets Right Now: Stocks close lower, weighed down by banks

This April 5, 2018, photo shows part of the trading floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Friday, April 13. (AP Photo/Richard Drew)

NEW YORK — The latest on developments in financial markets (all times local):

4 p.m.

Major U.S. stocks closed lower, weighed down by declines in banks.

Several major banks reported profits that beat forecasts Friday, partly due to the new tax law and higher interest rates, but their stocks fell anyway because of concerns investors saw nestled in their financial reports.

Wells Fargo fell 3.4 percent and JPMorgan Chase lost 2.7 percent. Regional bank PNC Financial gave up 4.1 percent.

Energy stocks rose along with the price of oil. Marathon Oil jumped 3 percent.

The S&P 500 fell 7 points, or 0.3 percent, to 2,656.

The Dow Jones industrial average lost 122 points, or 0.5 percent, to 24,360. The Nasdaq composite declined 33 points, or 0.5 percent, to 7,106.

Bond prices rose. The yield on the 10-year Treasury fell to 2.82 percent.

___

11:45 a.m.

A sharp drop in bank stocks overshadowed gains elsewhere in midday trading on Wall Street.

Several major banks reported profits that beat forecasts Friday, partly due to the new tax law and higher interest rates, but their stocks fell anyway because of concerns investors saw nestled in their financial reports.

Wells Fargo fell 2.8 percent and JPMorgan Chase lost 2.2 percent. Regional bank PNC Financial lost 3.7 percent.

Energy stocks rose along with the price of oil. Marathon Oil jumped 3.3 percent.

The S&P 500 fell 4 points, or 0.2 percent, to 2,659.

The Dow Jones industrial average lost 78 points, or 0.3 percent, to 24,404. The Nasdaq composite declined 24 points, or 0.3 percent, to 7,116.

Bond prices rose. The yield on the 10-year Treasury fell to 2.83 percent.

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9:35 a.m.

Stocks are opening higher on Wall Street as technology companies and retailers lead the market higher.

Apple and Home Depot each rose about 1 percent in early trading Friday.

Broadcom jumped 4 percent after announcing a $12 billion stock buyback.

Major U.S. banks were mixed after reporting big jumps in profits driven partly by the new tax law. JPMorgan Chase and Citigroup were little changed, while Wells Fargo fell 2 percent.

The S&P 500 rose 10 points, or 0.4 percent, to 2,674.

The Dow Jones industrial average rose 90 points, or 0.4 percent, to 24,576. The Nasdaq composite climbed 28 points, or 0.4 percent, to 7,168.

Bond prices didn't move much. The yield on the 10-year Treasury held steady at 2.84 percent.

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