JPMorgan Earnings Miss, Europe Drag Stocks Lower

Published January 13, 2012 4:54PM (EST)

NEW YORK (AP) — Stocks are falling in midday trading after a rare earnings miss for JPMorgan Chase, the country's largest bank. The dollar rose against the euro as reports swirled that Standard & Poor's may lower credit ratings for many European governments.

The Dow Jones industrial average fell 86 points to 12,384 at 11:45 a.m. Eastern time. That's a drop of 0.7 percent.

JPMorgan Chase & Co. led the Dow lower, down 3.3 percent. The S&P 500 index fell 9, or 0.7 percent to 1,286. The Nasdaq composite fell 17, or 0.6 percent, to 2,707.

The euro fell to its lowest level in 17 months. Borrowing costs for Italy and Spain, two countries at the center of the region's debt crisis, increased.

By Salon Staff

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