NEW YORK (AP) — Stocks are closing lower, led by banks, after JPMorgan Chase & Co. reported that a slowdown in investment banking hurt its results in the third quarter. An afternoon rally in technology stocks limited some of the market’s losses.
The Dow Jones industrial average fell 41 points, or 0.4 percent, to close at 11,478. It had been down as many as 141. The S&P 500 lost 4, or 0.3 percent, at 1,204. The Nasdaq composite is up 16, or 0.6 percent, at 2,620.
JPMorgan is considered one of the strongest banks, so its results don’t bode well for other financial companies.
Three stocks fell for every two that rose on the New York Stock Exchange. Trading volume was lighter than average, 3.9 billion.