Stocks slide on JPMorgan results

Stocks sank Thursday, ending the fastest rally in the Standard & Poor's 500 since March 2009.

Bank stocks dragged the market lower after JPMorgan Chase & Co reported that a slowdown in investment banking hurt its results in the third quarter. An afternoon surge in technology stocks limited some of the losses.

The Dow Jones industrial average fell 40.72 points, or 0.4 per cent, to close at 11,478.13. JPMorgan fell 4.8 per cent. Other banks also fell. Citigroup Inc dropped 5.3 per cent, Morgan Stanley 4.4 per cent and Bank of America Corp 5.5 per cent.

JPMorgan is the first big US bank to report earnings. Next week Wells Fargo & Co, Citigroup Inc and Morgan Stanley will report. JPMorgan is widely considered the strongest US bank, so the results don't bode well for other financial companies, said Jason Lilly, a portfolio manager at Rockland Trust Investment Management Group.