US stocks extend losses for fourth straight day

U.S. stocks continued to drop Wednesday amid mixed earnings of American banks, soft data and concerns about global economy.
The Dow Jones Industrial Average slipped 186.59 points, or 1.06 percent, to 17,427.09. The S&P 500 fell 11.76 points, or 0.58 percent, to 2,011.27. The Nasdaq Composite Index dipped 22.18 points, or 0.48 percent, to 4,639.32.
JPMorgan Chase & Co., the largest U.S. bank by assets, posted Wednesday net income of 4.9 billion U.S. dollars for the fourth quarter, or 1.19 dollars per diluted share, down from 5.3 billion dollars, or 1.30 dollars per share, in the fourth quarter of 2013. The company's results were hurt by expensive legal costs. In response, its shares slumped 3.45 percent to 56.81 dollars apiece.