DJIA Market Close for Week Ending Friday, May 11, 2012

The Dow ended down -34.44 (-0.27%) at 12,820.60. The S&P 500 and Russell 2000 were both down, however the Nasdaq was up (barely).

DJIA stock leaders were VZ (+1.50%), INTC, T, MSFT and DIS. There were 12 Dow stocks up and 18 down

Dow losers were JPM (-9.28%), BAC, CSCO, HPQ and MRK.

DJIA ended the week down -1.7%, Nasdaq -0.8%, S&P 500 -1.1% and Russell 2000 -0.2%.

Year-to-date DJIA is up +4.9%, Nasdaq +12.6%, S&P 500 +7.6% and Russell 2000 +6.6%.

Shares of JPMorgan Chase (JPM) fell 9% after the firm disclosed a $2 billion loss late Thursday. CEO Jamie Dimon cited “errors” and “bad judgment” in trades meant to hedge risk. JPM lost $15 billion in market value and a notch in its credit ratings, closing at $36.96.

AT&T (T) and Verizon (VZ) were both up about a percent and a half after Credit Suisse upgraded their stocks. AT&T was the subject of speculation that it could buy Leap Wireless, whose shares jumped almost 8% today on reports that AT&T had looked into a possible deal in recent months. Verizon’s move came as the company announced more details on its plan to upgrade its optical network to improve communications quality and efficiency.

Spain announced plans today to require banks to set aside an additional €30 billion to offset potential losses. The government will also hire two independent auditors to review the banks’ assets, in an effort to assure investors about their viability.

A China report showed an unexpected drop in the rate of industrial production growth, which may feed fears of a so-called hard landing for the world’s No. 2 economy.

Lower energy prices took wholesale prices down 0.2% in April, according to the Labor Department’s producer price index.

The dollar slipped against the euro, but rose versus the Japanese yen and British pound.

Oil for June delivery fell 95 cents to end at $96.13 a barrel.

Gold futures for June delivery fell $11.50 to settle at $1,584 an ounce.

The price on the benchmark 10-year U.S. Treasury was down, leaving the yield near the 1.84% level.

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