(CNBC) U.S. stocks fell on Friday as several banking companies weighed down the major indexes on the final day of an otherwise strong week for equities.
The Dow Jones industrial average fell 122 points, with J.P. Morgan Chase as the worst-performing stock in the index. The S&P 500 closed 0.3 percent lower as financials dropped 1.6 percent. The Nasdaq composite declined 0.5 percent. The indexes opened sharply higher on the back of strong earnings from some of the big banks.
Citigroup, Wells Fargo and J.P. Morgan Chase all reported quarterly earnings and revenue that surpassed analyst expectations. Bank shares initially traded higher before falling, as the strong results were already priced in. The SPDR S&P Bank ETF (KBE) fell 1.6 percent, while J.P. Morgan dropped 2.7 percent.