Stocks Lose Footing Into Close; JP Morgan Accepts $13 Bln Settlement
Stocks straddled the fence for nearly the entire day before getting a late day boost on news that JP Morgan ( JPM ) had agreed to a $13 billion settlement for its involvement in the mortgage-backed securities collapse of 2008. The announcement, which came without an admission of guilt by JPM, nudged the Dow Jones Industrials briefly back to the plus side. The Dow was earlier underpinned by gains in Home Depot ( HD ) as well as strength in the financial and energy sector.
Gains again evaporated just before the close, ending a five-day winning streak for the Dow. The S&P 500 and Nasdaq also closed in the red for the second straight day, the result of a sell-off in Best Buy ( BBY ) and Altera Corp ( ALTR ).