U.S. stocks slid from 15-month highs on Friday after JPMorgan Chase & Co reported deep fourth-quarter loan losses that raised concerns about earnings for the banking industry.

Also weighing on stocks was consumers' caution about the economy as reflected in The Reuters/University of Michigan Surveys of Consumers. It showed preliminary sentiment was weaker than expected in early January due to worries over income and high unemployment.

JPMorgan , the first major bank to report quarterly results, announced heavy losses on mortgage and credit card loans, sending its shares down 2 percent to $43.81. Other large banks also fell, including Bank of America Corp , down 3 percent to $16.31 and Wells Fargo & Co off 3.7 percent to $27.93.

Even though the JPMorgan numbers were better than expected on the earnings side, the revenues were slightly disappointing to some people, said Robert Francello, head of equity trading at Apex Capital in San Francisco.

He said investors were also locking in recent gains before a long weekend for U.S. markets, which will be closed on Monday for Martin Luther King Jr. Day.

People have been reluctant to get extraordinarily long before long weekends, especially with what's going on from the sovereign risk perspective overseas, Francello said.

Investors' appetite for riskier assets fell due to doubts about Greece's fiscal health. European Central Bank President Jean-Claude Trichet said Greece must work out its own economic problems.

The Dow Jones industrial average <.DJI> lost 137.70 points, or 1.29 percent, to 10,572.85. The Standard & Poor's 500 Index <.SPX> fell 15.81 points, or 1.38 percent, to 1,132.65. The Nasdaq Composite Index <.IXIC> dropped 33.24 points, or 1.43 percent, to 2,283.50.

The Dow and the S&P 500 hit their highest levels in more than 15 months on Thursday.

Intel Corp , a Dow component and the world's largest chipmaker, late Thursday posted fourth-quarter results that beat Wall Street forecasts.

Intel shares fell 2.9 percent to $20.86 on Friday on what analysts said was profit-taking, and a semiconductor index <.SOXX> tumbled 3.4 percent.

Other data on Friday showed U.S. consumer prices rose modestly while industrial output rose, suggesting the economy was growing but not generating enough inflation to trouble the Federal Reserve.

The CBOE Volatility Index <.VIX> jumped 5 percent as investors adjusted their positions ahead of the monthly expiration of January options, which expire after the close.

The options expiration does have an influence on price and creates more volatility, and this particular expiration has a downside influence, said Frank Lesh, futures analyst and broker at FuturePath Trading LLC in Chicago.

(Editing by Kenneth Barry)

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