Dow Average Snaps Rally as Consumer Confidence Declines
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U.S. stocks fell, sending the Dow Jones Industrial Average lower for the first time in 11 days, as a report showed consumer confidence unexpectedly fell in March.
JPMorgan Chase & Co. lost 1.9 percent after a Senate panel said it hid losses and dodged regulators. Financial stocks reversed earlier losses in the wake of Federal Reserve stress tests, as Bank of America Corp. and Morgan Stanley added at least 3.5 percent. Carnival Corp. fell 2.2 percent after trimming its earnings forecast. DirectTV rose 4.5 percent after pulling out of a bidding war for Vivendi SA’s GVT division.