A three-day rally on the stock market faded Friday after a mixed jobs report and credit-rating cuts for Italy and Spain.
The Dow Jones industrial average rose in the morning, turned lower at midday, rallied from 3 to 3:30 but then fell 124 points the last half hour of trading. The latest day of choppy trading left the Dow with a loss of 20 points, after a 468-point surge over the previous three days.
Banks fell more than the broader market as the downgrades of Italy and Spain by the Fitch agency renewed concerns about Europe’s debt crisis and the fallout it could have on banks. Bank of America Corp. plunged 6 percent, the most in the Dow. JPMorgan Chase & Co. was close behind, 5.2 percent.
The Dow Jones industrial average dropped 20.21 points, or 0.2 percent, to 11,103.12. Wal-Mart Stores Inc. led the Dow with a 1.8 percent gain. Drugmaker Pfizer Inc. rose 1.2 percent.
The Standard & Poor’s 500 index fell 9.51 points, or 0.8 percent, to close at 1,155.46. The broader index gained 2.1 percent for the week, the second week it has made gains out of the previous six.
The Nasdaq composite index fell 27.47, or 1.1 percent, to 2,479.35.
The Russell 2000, which tracks smaller companies, plunged 2.6 percent to 656.21.
Send questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.