U.S. Stocks Fall Amid Europe Downgrade Concern as JPMorgan Drops
This article is for subscribers only.
U.S. stocks retreated, snapping a four-day rally for the Standard & Poor’s 500 Index, as euro-region governments braced for credit downgrades by S&P and after JPMorgan Chase & Co.’s profit slumped 23 percent.
After the market close, S&P said France was downgraded, while Germany had its credit rating affirmed. All 10 groups in the S&P 500 fell as financial, industrial and technology measures declined at least 0.7 percent. JPMorgan, the largest U.S. bank by assets, dropped 2.5 percent. Bank of America Corp., Intel Corp. and Alcoa Inc. lost more than 1.3 percent. Eastman Kodak Co. tumbled 23 percent as it is said to be in talks with Citigroup Inc. to provide bankruptcy financing.