Disappointed earning results of general electric (GE) and Bank of america (BAC) has pulled down Dow to below 10,000.

The major averages traded more than 1% lower Friday as Wall Street balked at quarterly reports from General Electric (GE Quote) and Bank of America (BAC Quote), dragging the Dow back below the 10,000 level.

GE and Bank of America traded 5% and 3% lower, respectively, as the Dow Jones Industrial Average fell 102 points, to 9961. The S&P 500 declined 12 points, to 1085, and the Nasdaq gave up 25 points, to 2148.

General Electric reported a third-quarter profit that topped analysts’ estimates. But the bottom line was aided mainly by cost cutting and tax credits, while revenue, which fell 20%, undercut expectations.

It was GE’s finance arm in particular, which saw earnings fall 90%, that had investors wincing. Although CEO Jeff Immelt said the declines were due in part to faster than planned downsizing of the unit.

Bank of America lost more than $2 billion after preferred dividends in the third quarter. The loss was steeper than expected and stirred fears that struggling consumers won’t be able to increase their spending. The bank, one of the largest recipients of government bailout funds, said its losses from failed loans came to almost $10 billion.

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