Dow Tumbles 1% For Week, Bank Of America Skids (DJI, BAC, GS)

The Dow Jones Industrial Average (DJI) lost 261 points Friday, or 2.5%, to close at 10,098. For the week the blue chip index was down 1%. Disappointing earnings reports and a weak reading on consumer sentiment helped ignite today's selloff. The University of Michigan consumer sentiment index fell to 66.5 in July, the lowest level in 11 months. Last month the index hit its highest level in 2.5 years. Bank of America BAC dropped a stunning 9% today after it reported earnings that topped estimates, but revenues came in weak. One bright spot was Goldman Sachs GS, which saw its shares jump 0.7% today after the bank announced it would pay $550 million to settle SEC charges related to subprime mortgage collateralized debt obligations.