Banks led the market lower Friday after JPMorgan Chase posted a rare disappointment in its quarterly earnings. Reports that European governments were about to have their credit ratings cut drove the euro down and sent Treasury prices up.
Markets were little changed after France's finance minister confirmed that Standard & Poor's had stripped the country of its AAA credit rating. After the market closed, S&P lowered the credit ratings of France, Austria, Italy and Spain. Germany kept its AAA rating.
The Dow Jones industrial average fell 48.96 points, or 0.4 percent, to close at 12,422.06.
The S&P 500 index fell 6.41, or 0.5 percent, to 1,289.09.
The Nasdaq composite index fell 14.03, or 0.5 percent, to 2,710.67.
For the week:
The Dow was up 62.14 points, or 0.5 percent.
The S&P 500 was up 11.28, or 0.9 percent.
The Nasdaq is was 36.45, or 1.4 percent.
For the year:
The Dow is up 204.50 points, or 1.7 percent.
The S&P 500 is up 31.49, or 2.5 percent.
The Nasdaq is up 105.52, or 4.1 percent.
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