Dow retreats from 10-day rally; JPMorgan weighs
U.S. stocks slipped on Friday, ending the Dow Jones industrial average's longest winning streak since 1996 as investors paused just below the S&P 500's record high.
A decline in JPMorgan Chase shares after the bank was hit by a one-two punch of bad news also weighed on the market.
A day after ending within 2 points of the all-time closing high of 1,565.15 hit in October 2007, the benchmark S&P 500 ended Friday's session about 5 points away. For the week, the S&P 500 rose 0.6 percent.
The Dow snapped its 10-day winning streak, when it racked up a series of all-time highs. Equities have rallied since the start of the year on signs of improvement in the economy and supported by the Federal Reserve's efforts to bolster the recovery.
Investors could use the pause to consolidate bets before pushing the market higher again, said Cam Albright, director of asset allocation at Wilmington Trust Investment Advisors in Wilmington, Delaware.
"I don't think that one or two days' movement is really going to change the underlying momentum of this market, which I still think is pretty strong at this point," Albright said.
JPMorgan Chase & Co was the biggest drag on the S&P 500 and one of the biggest weights on the Dow, falling 1.9 percent to $50.02.
The Federal Reserve told JPMorgan and Goldman Sachs Group Inc that they must fix flaws in how they determine capital payouts to shareholders, though the central bank still approved their plans for share buybacks and dividends.
A Senate report alleged that
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