(NEW YORK) — Stunning news from the nation’s biggest bank prompted a sell off to end the week.
The Dow closed down 24 points at 12,832 Friday. The Nasdaq finished up with a modest six point gain at 2,940, while the S&P lost three points, closing at 1,356.
JP Morgan stunned the financial world with news of a $2 billion trading loss. The SEC is looking into it, but CEO Jamie Dimon says the bank has more than enough money to handle the risk. He also says that customers will not be affected by the loss.
The producer price index dropped two tenths of a percent last month. It measures price changes before they reach the consumer and it was the biggest drop since October. Declines were driven mainly by falling gas and energy prices.
Copyright 2012 ABC News Radio
Sam Turner, Deseret News
Chandra Johnson, Deseret News