The Dow Jones industrial average plummeted more than 100 points, for the first time in the New Year. Heavy losses from loans at JPMorgan Chase & Co. in addition to negative consumer sentiment contributed to an investor exodus. Major stock indices took a hit from plummeting financial stocks on Friday for a one 1 percent loss.
The Dow fell 100.90, or 0.9 percent, to 10,609.65 while the Standard & Poor's 500 index slipped12.43, or 1.1 percent, to 1,136.03. The Nasdaq composite index fell 28.75, or 1.2 percent, to 2,287.99.
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