U.S. stocks slid, wiping out a weekly advance, as revenue at Bank of America Corp., Citigroup Inc. and General Electric Co. missed analyst estimates and a gauge of consumer confidence slid to the lowest in a year.
Bank of America tumbled 9.2 percent, the most since June 2009, while Citigroup retreated 6.3 percent and GE lost 4.6 percent. Google Inc. sank 7 percent after earnings trailed the average analyst estimate following a surge in spending. Goldman Sachs Group Inc., the most profitable firm in Wall Street history, rallied 0.7 percent after agreeing to pay $550 million and change its business practices to settle federal government claims it misled investors.
The Standard & Poor’s 500 Index dropped 2.9 percent to 1,064.88 at 4 p.m. in New York, the biggest drop this month. It fell 1.2 percent this week, erasing its gain after the Thomson Reuters/University of Michigan index of consumer sentiment fell more than economists estimated. The Dow Jones Industrial Average lost 261.41 points, or 2.5 percent, to 10,097.90 today.
(Source: Bloomberg)
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