All 10 groups in the S&P 500 declined as financial, industrial and commodity gauges slid at least 0.7 percent. JPMorgan, the largest U.S. bank by assets, retreated 3.3 percent. Bank of America Corp. (BAC), Morgan Stanley and Citigroup Inc. (C) retreated at least 3.2 percent. Eastman Kodak Co. (EK) tumbled 22 percent as the unprofitable imaging company is said to be in talks with Citigroup to provide bankruptcy financing.
The S&P 500 lost 0.8 percent to 1,285.32 as of 10 a.m. New York time, after the report by Dow Jones Newswires, which cited European Union sources. The benchmark gauge advanced 1.4 percent over the previous four days. The Dow Jones Industrial Average slid 102.70 points, or 0.8 percent, to 12,368.32 today.
“The cloud of Europe has weighed on investors’ sentiment,” Keith Wirtz, who oversees $14.6 billion as chief investment officer at Fifth Third Asset Management in Cincinnati, said in a telephone interview. “These downgrading actions in Europe were expected down the road, not right now,” he said. “JPMorgan had very soft business results coming from investment banking and trading. Still, they were able to scratch out an EPS result in line with expectations.”
The S&P 500 was still headed for the second week of gains amid lower borrowing costs at auctions in Europe. Investors also watched fourth-quarter results. S&P 500 companies, which beat estimates in the previous 11 quarters, are forecast to report a 6 percent increase in per-share profit during the September- December period, according to projections compiled by Bloomberg. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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