JPMorgan, Bank of America, Intel: Dow Movers
NEW YORK (TheStreet) -- U.S. stocks fell Friday Standard & Poor's lowered France's credit rating and and JPMorgan (JPM) posted disappointing quarterly results.
The Dow Jones Industrial Average fell 48.96 points, or 0.39%, to 12,422.06 Friday. The S&P 500 lost 6.41 points to 1,289.09 and the Nasdaq Composite decreased 14.03 points to 2,710.67.
Breadth within the blue-chip index was negative with 21 of the 30 components closing Friday with losses. Both Verizon (VZ) and Procter & Gamble (PG) finished the day flat.
The biggest blue-chip decliners were JPMorgan, Bank of America (BAC) and Intel (INTC).
Shares of JPMorgan fell a little more than 2.52% to $35.92. The bank's investment banking net income fell 56% to $725 million. JPMorgan is also "getting killed" on mortgage lending, CEO Jamie Dimon said during the company's earnings presentation. Bank of America shares fell nearly 2.65% to $6.61. The bank is said to be considering leaving some parts of the country if its financial situation becomes more dire, according to The Wall Street Journal. This possibility is part of an emergency list of possible options for the company that was sent to the Federal Reserve last year, the Journal said. Shares of chip giant Intel decreased nearly 2.37% to $25.14. Intel was one company that participated in the buyback movement in 2011. The company announced two separate $10 billion authorizations that year. The only Dow component that posted a gain of more than 1% was Chevron (CVX), which rose 1.07% to $106.09. Other Dow components that rose on Friday included Wal-Mart (WMT), Home Depot (HD), DuPont (DD), American Express (AXP), Exxon Mobil (XOM), Microsoft (MSFT), Johnson & Johnson (JNJ) and Caterpillar (CAT). -- Written by Alexandra Zendrian>To contact the writer of this article, click here: Alexandra Zendrian >To submit a news tip, send an email to: tips@thestreet.com. >To follow the writer on Twitter, go to Alexandra Zendrian.
Select the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Dividend Stock Advisor
TRY IT FREENew! $49.95/yr
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Real Money
TRY IT FREE24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
Product Features:
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
Real Money Pro
TRY IT FREEAll of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV
