New York, Jan 16 (DPA) US stocks Friday ended the week by posting the largest one-day drop of 2010, fuelled by lower-then-expected quarterly revenue from banking giant JP Morgan Chase.
JP Morgan, the first major financial firm to release fourth-quarter earnings, reported that net income quadrupled to $3.3 billion as Wall Street recovers from a devastating financial crisis, but revenue was below expectations at $25.2 billion.

The financial giant also reported that some of its commercial banking divisions lost money, while the bank continues to hold bad loans on its books that could eventually hurt the bottom line.

The Dow Jones Industrial Average slumped 100.9 points, or 0.94 percent, to 10,609.65. The broader Standard & Poor’s 500 Index slid 12.43 points, or 1.08 percent, to 1,136.03. The technology-heavy Nasdaq Composite Index lost 28.75 points, or 1.24 percent, to 2,287.99.

The slump erased a rally by the Dow through much of the week. The Dow edged down 0.08 per cent in the last five days, while the S&P 500 dropped 0.78 percent and the Nasdaq fell 1.26 percent.

The dollar gained against most major currencies, climbing against the euro to 69.51 euro cents from 68.96 euro cents Thursday. But the dollar fell to 90.77 Japanese yen from 91.21 yen the previous day.