Stocks fell sharply Friday and ended with weekly losses of about one percent, dragged lower by tumbling financial stocks as investors gave a thumbs down to the latest big bank earnings and economic reports.

The Dow Jones Industrial Average closed down 261.41 points, or 2.5 percent, at 10,097.90, led by a 9.2 percent drop in the shares of Bank of America Corp. All 30 components closed lower.

The S&P 500 ended down 31.6 points, or 2.9 percent, to 1,064.88, led by a 4.4 percent drop in financial stocks.

The Nasdaq Composite sank 70.03 points, or 3.1 percent, to 2,179.05.

For the week, the Dow lost 1 percent, the S&P 500 fell 1.2 percent and the Nasdaq Composite sank 0.8 percent.

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