The Dow Jones Industrial Average dropped 73.11 points, or 0.59%, to close at 12,369.38. The S&P 500 fell 9.64 points to settle at 1,295.22 and the Nasdaq Composite lost 34.9 points to finish at 1,295.22. Breadth within the Dow was negative with 20 of the index's 30 components posting losses. The biggest decliners in the index were Chevron ( CVX), Microsoft ( MSFT) and Hewlett-Packard ( HPQ).
HP's shares fell 2.72% to $21.46. The technology company is planning to lay off up to 30,000 employees, or 10%, of its work force, according to reports. The stock has declined 16.69% year to date. Chevron shares fell 1.68% to $98.46. The stock has fallen 7.46% year to date. Shares of Microsoft dropped 1.51% to $29.27. The stock has risen 12.75% year to date. Though not one of the biggest laggards, shares of JPMorgan lost 1.3% to $33.49. The Wall Street Journal reported the bank may eventually lose about $5 billion from a credit derivatives trade that went awry. Initially, the loss from the trade was estimated at about $2 billion. The bank's stock has risen 24 cents, or 0.72%, year to date. The biggest gainer in the index was Wal-Mart ( WMT) Shares of Wal-Mart rose 1.22% to $62.43. The retailer reported first-quarter earnings Thursday of $3.74 billion, or $1.09 a share, up from year-earlier earnings of $3.39 billion, or 97 cents a share. Wal-Mart's stock has risen 4.47% year to date. -- Written by Alexandra Zendrian in New York. >To contact the writer of this article, click here: Alexandra Zendrian.