US stocks close lower, weighed down by banks

New York, Major U.S. stocks closed lower, weighed down by declines in banks.Several major banks reported profits that beat forecasts Friday, partly due to the new tax law and higher interest rates, but their stocks fell anyway because of concerns inves...

New York, Major U.S. stocks closed lower, weighed down by declines in banks.

Several major banks reported profits that beat forecasts Friday, partly due to the new tax law and higher interest rates, but their stocks fell anyway because of concerns investors saw nestled in their financial reports.

Wells Fargo fell 3.4 percent and JPMorgan Chase lost 2.7 percent. Regional bank PNC Financial gave up 4.1 percent.

Energy stocks rose along with the price of oil. Marathon Oil jumped 3 percent.

The S&P 500 fell 7 points, or 0.3 percent, to 2,656.

The Dow Jones industrial average lost 122 points, or 0.5 percent, to 24,360. The Nasdaq composite declined 33 points, or 0.5 percent, to 7,106.

Bond prices rose. The yield on the 10-year Treasury fell to 2.82 percent.

Source: Saudi Press Agency