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U.S. stocks fell, following the biggest Standard & Poor’s 500 Index gain over seven days since 2009, amid a drop in JPMorgan Chase & Co.’s earnings and concern equities rallied too much on optimism about Europe’s crisis.
Dow 11,416.38 -102.47 -0.89%, Nasdaq 2,601.01 -3.72 -0.14%, S&P 500 1,194.97 -12.28 -1.02%
Financial shares had the biggest decline in the S&P 500 among 10 industries, falling 2.4 percent.
JPMorgan tumbled 4.9 percent after reporting a profit slump of about 33 percent, excluding a $1.9 billion accounting benefit, as earnings from investment banking and trading decreased. Bank of America Corp. and Citigroup Inc. fell at least 4.8 percent. General Electric Co. and Alcoa Inc. dropped more than 1.4 percent, pacing losses among companies most-dependent on economic growth.
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