Bank stocks, led by JPMorgan Chase, weighed on the Dow Jones Industrial Average, but the current stock market
remains in the confirmed uptrend sparked by a Nov. 4 follow-through day.
During the first 45 minutes of trading, the Dow industrials at one point fell more than 1% amid drops of 2 points or more by at least eight of the index's 30 components. Goldman Sachs
) and JPMorgan
), which have risen sharply in recent weeks, cut their losses as JPM posted fourth-quarter revenue of $29.2 billion, beating the FactSet consensus forecast of $28.7 billion.