NEW YORK (AP) - Disappointing results from Bank of America and Citigroup tugged the stock market to its fifth straight loss Thursday.
Oil prices continued their slide, and U.S. government bonds jumped.
Weak revenue from trading pulled down Bank of America's profit 11 percent in the fourth quarter. The bank's earnings and revenue fell short of Wall Street's estimates. BofA's stock sank 84 cents, or 5 percent, to $15.20.
Discouraging news on the global economy and falling oil prices have rattled investors recently, even as the bull market for stocks closes in on its sixth anniversary.
The stock market's fall is likely to prove temporary, another pause in a long climb higher, said Henry Smith, chief investment officer at Haverford Trust.
Despite slowing growth overseas, the U.S. economy continues to improve. Last week, the government said the unemployment rate declined to 5.6 percent in December, a six-year low. On Thursday, the New York branch of the Federal Reserve reported manufacturing expanded in the region.
On Thursday, the Standard & Poor's 500 index fell 18.60, or 0.9 percent, to close at 1,992.67. The Dow Jones industrial average dropped 106.38 points, or 0.6 percent, to 17,320.71, while the Nasdaq composite fell 68.50, or 1.5 percent, to 4,570.82.
A volatile day of oil trading ended with crude falling $2.23 to end at $46.25 a barrel. Earlier in the day it jumped over $51. Brent crude, a benchmark for international oils, fell $1.02 to close at $47.67 in London.