ANNIVERSARY OF PLEDGE ALLEGIANCE/ PRINCE SATTAM BIN ABDULAZIZ CONGRATULATES CUSTODIAN OF THE TWO HOLY MOSQUES ON SEVENTH ANNIVERSARY OF PLEDGE ALLEGIANCE (SPA) 25/6/1433H
NEW YORK, Jumada I 3, 1434, Mar 15, 2013, SPA -- U.S. stocks dipped on Friday, weighed by a decline in JPMorgan Chase after a one-two punch of bad news for the bank, though the S&P 500 remained in sight of record levels, Reuters reported. The S&P 500 was roughly 4 points away from its record closing high after failing to end above that level on Thursday. Friday morning's dip also brought the Dow's 10-day winning streak to an end. JPMorgan was the biggest drag on both the Dow and S&P 500, falling 2 percent to $49.98. The Federal Reserve told JPMorgan Chase & Co and Goldman Sachs Group Inc that they must fix flaws in how they determine capital payouts to shareholders, though it still approved their plans for share buybacks and dividends. A Senate report alleged that JPMorgan had ignored risks, misled investors, fought with regulators and tried to work around rules as it dealt with mushrooming losses in a derivatives portfolio. A former top JPMorgan official told lawmakers on Friday she was not to blame for the losses. In contrast, Goldman shares recovered from early weakness to gain 0.6 percent to $154.94. The stock of rival Bank of America rose 3.2 percent to $12.50. The S&P financial sector index edged up 0.1 percent. The Dow Jones industrial average slipped 26.59 points, or 0.18 percent, to 14,512.39. The Standard & Poor's 500 Index edged down 2.15 points, or 0.14 percent, at 1,561.08. The Nasdaq Composite Index fell 6.38 points, or 0.20 percent, to 3,252.55. -- SPA 19:36 LOCAL TIME 16:36 GMT
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