Dow's 200-point stumble in late-afternoon trade driven almost entirely by JP Morgan, Boeing stocks

The Dow Jones Industrial Average was slumping on Friday, with a little less than an hour remaining in regular trade. The Dow industrials were off about 200 points, or 0.8%, at 24,284, with about 95 points of that downdraft produced by declines in JP Morgan Chase & CO. and Boeing Co. . The slide for JP Morgan came even as the banking behemoth released results for the first-quarter that were better than expected, along with a number of other upbeat earnings reports from the banking sector. Still, that group was the greatest drag on the broader market. Part of the reasoning is that expectations for earnings to outperform has set up a scenario in which investors are taking profits after the fact, rather than placing further bets on banks, market participants speculated. Meanwhile, the S&P 500 index was off 0.6% at 2,647, with the banking sector , down 1.9%, while the Nasdaq Composite Index was down 0.8% at 7,084.

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