At the closing bell, the Dow Jones Industrial Average index tumbled 475.84 points, or 1.24%, to 37,983.24. The S&P500 index retreated 75.65 points, or 1.46%, to 5,123.41. The tech-heavy Nasdaq Composite index decreased by 267.10 points, or 1.62%, to 16,175.09.
For the week, the Dow shed nearly 2.5% in the week, while the S&P 500 and the Nasdaq dropped by about 1.6% and 0.5%, respectively.
All 11 major S&P 500 sectors closed lower, with the material sector suffering the largest losses in%age terms, falling 1.77%, followed by information technology (down 1.64%) and consumer discretionary (down 1.61%) sectors.
Shares of Citigroup fell by about 1.7%, after reporting a 27% drop in net income at $3.4 billion in the first quarter, due to lower non-interest revenue, as well as higher expenses and cost of credit.
JPMorgan Chase & Co. tumbled nearly 6.5%, weighed down by lower net interest income. For the first quarter, net income increased to $13.42 billion per share from $12.62 billion in the prior year quarter.
The article originally appeared on Business Standard.