Stocks Ended with Weekly Loss

U.S. stocks mostly fell Friday to a second weekly decline as a rise in consumer sentiment failed to outweigh J.P. Morgan Chase & Co.’s $2 billion trading loss. The Dow Jones Industrial Average fell 34.44 points, or 0.27%, to 12,820.60, off 1.7% from the week-ago close. The S&P 500 retreated 4.60 points, or 0.34%, to 1,353.39, down 1.2% for the week. The Nasdaq Composite was up 0.18 point to close at 2,933.82, down 0.8% from last Friday’s finish.

U.S. consumer sentiment rose to its highest level in more than four years in early May as Americans were upbeat about the job market and buying plans improved, a survey showed on Friday. The Thomson Reuters/University of Michigan’s preliminary May reading on the overall index on consumer sentiment improved to 77.8 from 76.4 in April, topping forecasts for a small decline to 76.2.

Fitch Ratings said on Friday it downgraded J.P. Morgan Chase & Co.’s (NYSE:JPM) long-term credit rating to A-plus from AA-minus, saying that while the $2 billion trading loss disclosed by the bank on Thursday is “manageable,” the potential reputational risk and risk-governance issues raised are no longer consistent with an AA- minus rating.

Crude-oil futures declined Friday as weak data out of China and ongoing demand concerns combined to pull prices to their lowest settlement of the year. Crude for June delivery fell 95 cents, or 1%, to settle at $96.13 a barrel in the New York Mercantile Exchange.






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