Stocks snapped their two-day winning streak with sizable losses Friday.
The Dow Jones Industrial Average lost 1.1% while the S&P 500 fell 1.3% and the Nasdaq was down 1.5%. It was the worst week of the year for the indexes, and after last week’s tumble marks the first time in 2012 that they have seen consecutive weekly losses.
China was a major concern, as GDP growth missed analysts’ estimates. The news was enough for investors to shrug off earnings beats from both JPMorgan (JPM) and Wells Fargo (WFC). Energy stocks also suffered as oil futures fell.