NEW YORK (MarketWatch) -- U.S. stocks slid sharply Thursday, derailing a seven-day climb for the Dow industrials, as economic data illustrated a slowing recovery. The reports dimmed enthusiasm over strong earnings from financial powerhouse J.P. Morgan Chase & Co.
After seven consecutive sessions of gains, the Dow Jones Industrial Average (DOW:DJIA) fell more than 120 points, and was lately off 91 points, or 0.9%, at 10,275.37. All but one of the Dow's 30 components tallied losses, with Bank of America Corp. (NYSE:BAC) the greatest laggard, off 3.1%..The S&P 500 Index (MARKET:SPX) fell 10.32 points, or 1%, with financials weighing the most among its 10 industry groups, followed by the technology sector.
The Nasdaq Composite Index (NASDAQ:COMP) shed 22.59 points, or 1%, to 2,227.23.
On the New York Mercantile Exchange, gold futures rose modestly, up 80 cents to $1,207.80 an ounce, while crude-oil futures slid below $76 a barrel.
For every stock rising, more than four were falling on the New York Stock Exchange, where 222 million shares had traded as of 11:05 a.m. Eastern.
Regional manufacturing indexes in New York and Philadelphia fell in July, while a government report pointed to mild growth in industrial output across the country.
"Manufacturing has been the bright spot in this recovery but now it needs more clarity on end demand growth which is just not there," Peter Boockvar, equity strategist at Miller Tabak, wrote in an email.
Separately, the government reported initial claims for jobless benefits declined last week, but analysts attributed the drop largely to seasonal factors.
The first of the largest U.S. banks to report, J.P. Morgan said it earned $4.8 billion in the second quarter, which was better than Wall Street anticipated. CEO Jamie Dimon downplayed optimism, calling returns in the bank's consumer-lending business "unacceptable." See more on $1.5 billion cut in J.P. Morgan's loan loss reserves.
