January 20, 2010 / 2:40 PM / 8 years ago

US STOCKS SNAPSHOT-Wall St falls on bank earnings, China

NEW YORK, Jan 20 (Reuters) - U.S. stocks fell at the open on Wednesday as quarterly results from three large U.S. banks increased uneasiness about the state of financial companies and on reports of bank lending restrictions in China.

The Dow Jones industrial average .DJI dropped 92.58 points, or 0.86 percent, to 10,632.85. The Standard & Poor’s 500 Index .SPX fell 9.43 points, or 0.82 percent, to 1,140.80. The Nasdaq Composite Index .IXIC lost 21.61 points, or 0.93 percent, to 2,298.79.

Bank of America Corp (BAC.N) posted a wider-than-expected quarterly loss, and Morgan Stanley (MS.N) reported quarterly results that fell short of estimates, while Wells Fargo & Co (WFC.N) reported a profit on a pick-up in fee income.

Official media and banking sources said Chinese authorities instructed some major banks to curb their lending over the rest of this month after an early burst of credit. For details, see [ID:nSGE60J0A8] (Editing by Jeffrey Benkoe)

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