Dow, Nasdaq Lose Ground; S&P 500 Books Slight Gain
The iPhone maker's stock was under pressure after a federal appeals court retracted an injunction banning competitor Samsung from selling its Galaxy Nexus smartphone, despite the ongoing patent dispute between the companies.
Early strength in stocks following a better than expected read on weekly initial jobless claims and a bullish call from Citigroup faded as the afternoon wore on.
The Dow Jones Industrial Average lost 19 points, or 0.14%, to close at 13,326, closing more than 100 points below a high for the day of 13,428. The blue-chip index has now fallen in four straight sessions.Breadth within the Dow was negative with losers ahead of winners, 18 to 12. The biggest decliners among the blue chips were AT&T (T), Home Depot (HD), Verizon ( VZ), and Walt Disney (DIS). Dow gainers included Bank of America (BAC), JPMorgan Chase (JPM), and UnitedHealth (UNH). The big banks got a lift after Bloomberg reported the European Union is considering delaying the deadline for implementing more stringent Basel bank-capital rules. In addition, The Wall Street Journal reported Douglas Braunstein, JPMorgan's chief financial officer, may step down in the next two quarters. JPMorgan reports its fiscal third-quarter results before Friday's opening bell. Boeing (BA) shares rose a little less than 1% following news that Alaska Air (ALK) has agreed to buy 50 Boeing 737 aircraft with the ability to purchase an additional 62 aircraft through options and purchase rights. Shares of Walt Disney dropped 1.7%. Stan Lee Media has filed a lawsuit against the entertainment and media giant over the rights to Marvel characters such as Spider-Man and Iron Man. The S&P 500 rose less than a point, 0.02%, to close at 1433, breaking its four-day losing streak. The Nasdaq fell more than 2 points, or 0.08%, to settle at 3049. Most sectors finished in the green, led by energy, consumer cyclicals and basic materials. Technology, services and conglomerates all closed lower. Advancers outnumbered decliners by a ratio of 1.9-to-1 on the New York Stock Exchange and 1.5-to-1 on the Nasdaq. Volume totaled 3.66 billion on the Big Board and 1.59 billion on the Nasdaq.
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