On Thursday even the announcement of the Obama administration's proposal to tax banks wasn't enough to bring financial stocks down. Today all it took to send them into the red was JPMorgan Chase & Co.'s earnings report.

The KBW Bank Index fell 2.2% Friday, with nearly all of its components losing ground. Financials were the worst sector of the S&P 500 index, which dropped 1.1% overall. The Dow Jones industrial average slipped 0.9%.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.