Wall Street slides as earning season starts with profit drop for big banks

Dow Jones Industrial Average was down 191.91 points, or 0.64%, at 29,846.81, the S&P 500 was down 47.10 points, or 1.28%, at 3,622.81

US stocks fell on Friday as the earning season started with a drop in profit for big banks, with the main indexes quickly giving up an initial bounce after Russia signaled an end to its military mobilization.

JPMorgan Chase & Co, Morgan Stanley, Citigroup Inc and Wells Fargo & Co reported a slide in net income as choppy markets hurt investment banking activity and lenders set aside more funds to cover loan defaults.

JPMorgan, however, beat market expectations for profit and along with UnitedHealth Group Inc, which raised its annual profit forecast, limited declines on the blue-chip Dow . The investment bank