U.S. stocks turned negative for the year on Friday, led lower by technology shares after Google Inc's revenue and chipmaker Advanced Micro Devices Inc's sales outlook disappointed investors.
Continued worries about earnings growth after the White House proposed to curb risk-taking by U.S. banks also weighed on financial stocks and the overall market.
There are better ways to rein in risk-taking than imposing fees. For financials, that (proposal) is a big concern, said Janna Sampson, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.
JPMorgan Chase & Co
Internet company Google Inc's
Advanced Micro Devices Inc
Some of the declines (on tech shares) are just a catching-up because Nasdaq was holding up better on expectation of good numbers from Google, AMD and others. Now they are coming in line with the rest of the market, Sampson said.
The Dow Jones industrial average <.DJI> lost 34.46 points, or 0.33 percent, to 10,355.42. The Standard & Poor's 500 Index <.SPX> fell 4.82 points, or 0.43 percent, to 1,111.66. The Nasdaq Composite Index <.IXIC> dropped 15.44 points, or 0.68 percent, to 2,250.26.
The S&P 500 fell into the red for the year, joining the Dow and Nasdaq which ended in negative territory for 2010 on Thursday. Year to date, the Dow is off 0.8 percent, the S&P is down 0.3 percent and the Nasdaq has lost 0.9 percent.
Credit card company Capital One Financial Corp
Capital One and American Express Co
AmEx shares dropped 4.7 percent to $40.20.
On the upside, General Electric Co
(Editing by Kenneth Barry)