Stock Market Decline is Muted, Despite Bank Slump

By: Associated Press

Posted: Fri 4:52 PM, May 11, 2012

New York, NY (AP) - Stocks closed lower after JPMorgan's surprise $2 billion trading loss.

JPMorgan shares dropped more than 9 percent, pulling down other financial stocks with them. Most of the decline in the Dow Jones industrial average was because of JPMorgan.

The Dow Jones industrial average fell 34 points to close at 12,820. The Standard & Poor's 500 index fell almost five points to 1,353. The Nasdaq composite index, which is heavily weighted with technology stocks, was up a fraction of a point at 2,934.

Declining stocks outnumbered advancers almost 3-to-2.

Financial stocks fell more than 1 percent. JPMorgan admitted to losing $2 billion in trades that it says were poorly thought out.

Tech shares were mixed. Intel rose 1.4 percent after it said it's on track to meet sales expectations.

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