Stocks suffered their fifth straight day of losses in another volatile day of trading Thursday. The financial sector was under pressure after Bank of America and Citigroup reported falling revenues and squeezed profits in their fourth quarter. This is the second day of poor results. A day earlier, JPMorgan said legal costs ate into income and Wells Fargo reported underwhelming results. The tech sector wasn’t faring much better with high-momentum names caught up in a selloff. Among the worst performers, Apple tumbled nearly 3% and Amazon shed 2.2%. The S&P 500 closed just below its 2,000 level.
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