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New York - Wall Street stocks dropped on Thursday following disappointing US bank earnings and a surprise move by the Swiss central bank to strengthen its currency.
About 30 minutes into trade, the Dow Jones Industrial Average stood at 17 337.86, down 89.23 points (0.51%).
The broad-based S&P 500 fell 11.59 (0.58%) at 1 999.68, while the tech-rich Nasdaq Composite Index sank 42.42 (0.91%) to 4 596.90.
US bank earnings continued to disappoint, with Bank of America results dropping 11.3% and Citigroup profits sinking 86% on a hefty legal charge.
Bank of America shares fell 2.9%, while Citi shares dropped 2.6%.
European equity markets were mixed after Switzerland's central bank scrapped a policy to artificially hold down the value of the Swiss franc against the euro, sending the franc soaring.
US stocks opened higher, but fell into negative territory in the ensuing moments. US stocks have fallen the last four sessions.
US clothing and home goods retailer Target advanced 2.8% after it announced it was pulling out of Canada following a disappointing launch. The move will shutter 133 stores and leave 17 600 employees out of work.
Best Buy plummeted 14.5% as it warned that deflationary pricing and weak industry demand in some categories would challenge results in coming quarters. The electronics retailer said domestic comparable sales rose 2.6% in the holiday shopping period.
BlackBerry sank 15.4% after it quashed a report that said it had been approached by Samsung for a possible takeover. The report had sparked a big rally in BlackBerry shares late on Wednesday.
Bond prices rose. The yield on the 10-year Treasury fell to 1.82% from 1.85% on Wednesday, while the 30-year dropped to 2.44% from 2.46%. Bond prices and yields move inversely.
