Dow Falls 600 Points, With Stocks Sliding as Banks Kick Off Earnings Season

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U.S. stocks fell, putting the S&P 500 on course for its fifth consecutive day of losses, as earnings reports from financial behemoths spotlighted concerns about the economic outlook.

The S&P 500 dropped 1.3% in late-morning trading Thursday. The blue-chip Dow Jones Industrial Average lost 1.4%, or roughly 400 points, while the technology-heavy Nasdaq Composite Index shed 1.1%. Major benchmarks fell Wednesday after data showed inflation at a fresh four-decade high.