Dow Closes Slightly Lower; Nasdaq and S&P Also Down
(NEW YORK) — The markets saw minor changes Monday, as investors await important domestic data set to be released later this week. And if it wasn’t for one bank’s downgrade, the Dow may have actually finished the day higher.
The Dow sunk slightly lower, losing 2.65 points to close at 13,073.01 on news of JP Morgan Chase’s downgrade from a Deutsche Bank analyst. Shares of JP Morgan slid on management concerns, according to the Wall Street Journal. Deutsche is the first large bank to downgrade JP Morgan since the lender’s unexpected trading loss earlier this year, the Journal reports.
The Nasdaq closed down 12 points Monday, while the S&P lost a fraction of a point.
A pledge last week by Mario Draghi, the head of the European Central Bank, to go to any lengths to protect the euro helped the Dow to close Friday above 13,000 for the first time since May 7. U.S. Treasury Secretary Timothy Geithner will meet Draghi along with his German counterpart Wolfgang Schauble on Thursday, while euro-zone leaders attempt to make progress on the economic initiatives that will put investor worries at ease.
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