Wall Street
NEW YORK (AP) - The Dow Jones industrial average had its first triple-digit drop of 2010 as mounting losses from loans at JPMorgan Chase & Co. and a disappointing consumer sentiment reading sent investors rushing from stocks.
Financial stocks led the market lower Friday, pulling major stock indexes down about 1 percent from 15-month highs. The Dow lost almost 101 points, its steepest drop since Dec. 31. Interest rates fell in the bond markets as investors bought Treasurys in search of safety.
JPMorgan, regarded as one of the strongest U.S. banks, warned investors it was too soon to say that losses on mortgages and other loans have peaked. The weakness in JPMorgan's consumer business hurt other financial stocks, which led the rest of the market lower.
The Dow fell 100.90, or 0.9 percent, to 10,609.65, the biggest drop since it lost 120 points on the final day of 2009. The broader Standard & Poor's 500 index fell 12.43, or 1.1 percent, to 1,136.03, and the Nasdaq composite index fell 28.75, or 1.2 percent, to 2,287.99.
Bond prices rose, pushing their yields lower. The yield on the benchmark 10-year Treasury note fell to 3.68 percent from 3.74 percent late Thursday.
Board of Trade
CHICAGO (AP) - Agriculture futures fell Friday on the Chicago Board of Trade.
Wheat for March delivery dropped 17.75 cents to $5.10 a bushel, while March corn slid 9.5 cents to $3.715 a bushel and oats for March delivery sank 15 cents to $2.31 a bushel. March soybeans fell 10 cents to $9.74 a bushel.
Meanwhile, beef and pork futures advanced on the Chicago Mercantile Exchange.
February live cattle gained 0.7 cent to 87.35 cents a pound; March feeder cattle rose 0.7 cent to 98.65 cents a pound; February lean hogs added 0.92 cent to 69.97 cents a pound; and February pork bellies inched up 0.05 cent to 89.6 cents a pound.