U.S. stocks fell for a third-straight day on Friday, dragged 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.
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's
Advanced Micro Devices Inc
Companies like Google, IBM, Intel have all popped their bottom line number, but there's been a 'sell on the news' mentality, said Fred Dickson, market strategist at D.A. Davidson & Co in Lake Oswego, Oregon.
Now, we have earnings surprises equal in magnitude to a quarter ago, but the estimates have already moved up substantially ahead of that.
The Dow Jones industrial average <.DJI> lost 46.17 points, or 0.44 percent, to 10,343.71. The Standard & Poor's 500 Index <.SPX> fell 5.99 points, or 0.54 percent, to 1,110.49. The Nasdaq Composite Index <.IXIC> dropped 15.86 points, or 0.70 percent, to 2,249.84.
The S&P 500 fell into the red for the year, joining the Dow and Nasdaq, which ended Thursday in negative territory for 2010. For the year to date, the Dow is off 0.6 percent, the S&P is down 0.2 percent and the Nasdaq has lost 0.7 percent.
Credit card company Capital One Financial Corp
Capital One and American Express Co
AmEx shares dropped 5.3 percent to $39.91, making it the Dow industrials' top drag.
On the upside, General Electric Co
(Additional reporting by Leah Schnurr; Editing by Padraic Cassidy)