JPMorgan, Other Banks Lead Stocks Lower

By: Associated Press
By: Associated Press

New York, NY (AP) - A weak report on jobs is dragging stocks lower.
Banks were hit after a Massachusetts court ruled against U.S.
Bancorp and Wells Fargo & Co. in a foreclosure case.

The Labor Department said Friday that 103,000 jobs were created
in December, less than analysts expected. The unemployment rate
fell to 9.4 percent, partly because people gave up looking for
work.

JPMorgan Chase & Co. was one of the biggest losers among the 30
stocks that make up the Dow Jones industrial average.

The Dow fell 22 points, or 0.2 percent, to close at 11,674.

The S&P 500 fell 2, or 0.2 percent, to 1,271. The Nasdaq
composite fell 7, or 0.3 percent, to 2,703.

Falling stocks outnumbered rising ones on the New York Stock
Exchange. Volume was 1 billion shares.

(Copyright 2011 by The Associated Press. All Rights Reserved.)


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