Wall Street drops as big banks fall after results

US stocks fell on Friday as traders weighed President-elect Joe Biden's $1.9 trillion stimulus plan along with the latest earnings from some of the biggest U.S. banks.

The Dow Jones Industrial Average closed 177.26 points lower, or 0.6%, at 30,814.26. The S&P 500 dipped 0.7% to 3,768.25, and the Nasdaq Composite slid 0.9% to end the day at 12,998.50.

Biden's proposal, called the American Rescue Plan, includes increasing the additional federal unemployment payments to $400 per week and extending them through September, direct payments to many Americans of $1,400, and extending the federal moratoriums on evictions and foreclosures through September.

 

The plan also calls for $350 billion in aid to state and local governments, $70 billion for Covid testing and vaccination programs and raising the federal minimum wage to $15 per hour.

Among major banks, JPMorgan reported better-than-expected earnings. Wells Fargo and Citigroup posted earnings that beat analyst expectations.

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