US stocks down following Dow 10-day winning streak
AFPNEW YORK -- U.S. stocks fell Friday, bringing the Dow's 10-day winning streak to a halt as a decline in a key consumer sentiment index highlighted continuing weaknesses in the economy.
March 17, 2013, 12:31 am TWN
Trade was heavy in banks after the Fed completed its stress tests and capital plan reviews, and as a Senate committee report blasted JPMorgan Chase for how it handled its massive “London Whale” losses last year.
The Dow Jones Industrial Average finished down 25.03 points (0.17 percent) to 14,514.11, the first time in nine days it did not set a fresh record.
The broad-based S&P 500 lost 2.53 (0.16 percent) at 1,560.70, after having pushed higher on Thursday to a tantalizing three points short of its all-time high.
The tech-heavy Nasdaq Composite dropped 9.86 (0.30 percent) to 3,249.07.
Overall for the week, the Dow Jones Industrial Average added 0.81 percent. The broader S&P 500 gained 0.62 percent, while the Nasdaq Composite crept up 0.14 percent.
Share opened lower and lost further ground after the University of Michigan Consumer index took a surprising dive to 71.8, its lowest level since the end of 2011 and down from 77.6 in February. Analysts had expected a gain.
JPMorgan shares sank 1.9 percent after a U.S. Senate report painted a damning picture of its handling of the massive “London Whale” derivatives losses last year.
In addition on Thursday the Federal Reserve raised questions about its capital plans, ordering adjustments to “address weaknesses” if it wants to proceed with dividend payouts and share buybacks as hoped.
Goldman Sachs shares added 0.5 percent despite its capital plan getting the same treatment as JPMorgan's from the Fed.
Bank of America, whose capital plan was fully approved by the Fed after having been stalled last year, gained 3.8 percent and Wells Fargo added 3.3 percent.
But Citigroup lost 0.4 percent despite it also getting the nod for a share buyback.
Boeing shares added 2.1 percent after company officials said they believed the grounded 787 Dreamliner was “absolutely” safe and would be back flying within weeks after getting a tentative approval of its fix for battery problems that sparked a fire on one aircraft.
On the Nasdaq, Apple was up 2.6 percent after rival Samsung's new smartphone Galaxy S IV failed to generate a surge of excitement.
Bond prices were higher. The yield on the 10-year Treasury fell to 2.00 percent from 2.06 percent late Thursday, while the 30-year yield moved to 3.23 percent from 3.24 percent.