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US markets made a mixed closing to snap second consecutive week lower
Date: 12-05-2012US markets made another mixed closing on Friday with sharp sell off in banking shares due to a huge loss by JPMorgan, though the losses were offset by strong technology shares but Wall Street ended lower for the second week in a row. JP Morgan said it lost at least $2 billion from a failed hedging strategy and became the latest confidence-shaking bank on Wall Street to get waylaid by today’s financial system. However, the economic data were positive as US consumer sentiment rose to its highest in more than four years in early May as Americans remained upbeat about the job market. The survey was a welcome sign amid worries that the economic recovery may be slowing down.
The Dow Jones industrial average lost 34.44 points, or 0.27 percent, at 12,820.60. The Standard & Poor's 500 Index was down by 4.60 points, or 0.34 percent, at 1,353.39. While, the Nasdaq Composite Index was up 0.18 points, or 0.01 percent, at 2,933.82.