Stocks retreat on JPMorgan Chase 2-billion-dollar loss
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Washington - Two of the three major Wall Street indices slipped Friday, led primarily by bank stocks, which dropped 1.2 percent in the wake of JPMorgan Chase's 2-billion-dollar trading loss.
News of the venerable bank's hefty loss spurred discussion in Washington again about tightening regulatory oversight of risky trading.
The blue-chip Dow Jones Industrial Average fell 34.44 points, or 0.27 per cent, to 12,820.6. The broader Standard & Poor's 500 Index dropped 4.60 points, or 0.34 per cent, to 1,353.39. The technology heavy Nasdaq Composite Index crept up 0.18 points, or 0.01 per cent, to 2,933.82.
The US currency gained on the euro to 77.4 euro cents from 77.31 euro cents on Thursday. The dollar was stronger against the Japanese currency to 79.94 from 79.9 yen.//DPA
