The Dow Jones Industrial Average fell 48.96 points, or 0.39%, to 12,422.06 Friday. The S&P 500 lost 6.41 points to 1,289.09 and the Nasdaq Composite decreased 14.03 points to 2,710.67.
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Breadth within the blue-chip index was negative with 21 of the 30 components closing Friday with losses. Both Verizon(VZ) and Procter & Gamble(PG) finished the day flat.The biggest blue-chip decliners were JPMorgan, Bank of America(BAC) and Intel(INTC).Shares of JPMorgan fell a little more than 2.52% to $35.92. The bank's investment banking net income fell 56% to $725 million. JPMorgan is also "getting killed" on mortgage lending, CEO Jamie Dimon said during the company's earnings presentation.Bank of America shares fell nearly 2.65% to $6.61. The bank is said to be considering leaving some parts of the country if its financial situation becomes more dire, according to The Wall Street Journal. This possibility is part of an emergency list of possible options for the company that was sent to the Federal Reserve last year, the Journal said. Shares of chip giant Intel decreased nearly 2.37% to $25.14. Intel was one company that participated in the buyback movement in 2011. The company announced two separate $10 billion authorizations that year.The only Dow component that posted a gain of more than 1% was Chevron(CVX), which rose 1.07% to $106.09. Other Dow components that rose on Friday included Wal-Mart(WMT), Home Depot(HD), DuPont(DD), American Express(AXP), Exxon Mobil(XOM), Microsoft(MSFT), Johnson & Johnson(JNJ) and Caterpillar(CAT).-- Written by Alexandra Zendrian >To submit a news tip, send an email to: tips@thestreet.com.>To follow the writer on Twitter, go to Alexandra Zendrian.
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