Stocks close lower on bank earnings and Europe
By ASSOCIATED PRESS January 13, 2012 9:48AM
In this Jan. 10, 2012 file photo, Warren Meyers, left, works with fellow traders on the floor of the New York Stock Exchange. Another set of solid Italian bond auctions on Friday, Jan. 13, 2012, helped sustain the recent optimism in the markets that Europe's debt crisis has calmed down somewhat, though investors think there's still a long way before the situation stabilizes. (AP Photo/Richard Drew, File)
Updated: January 13, 2012 3:18PM
NEW YORK — Banks led the market lower after JPMorgan Chase posted a rare earnings miss. Reports that European governments were about to get their credit ratings cut drove the euro down and sent Treasury prices up.
The Dow Jones industrial average fell 49 points, or 0.4 percent, to close at 12,422 Friday. Markets were little changed after France’s finance minister confirmed that Standard & Poor’s had stripped the country of its AAA credit rating.
The S&P 500 index fell 6, or 0.5 percent to 1,289. The Nasdaq fell 14, or 0.5 percent, to 2,711.
Even with Friday’s fall, all three indexes posted gains for the second straight week.
Two stocks fell for every one that rose on the New York Stock Exchange. Trading volume was light at 3.6 billion.
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