For stocks, losses wrap up a forgettable week

Associated Press
Posted: October 13, 2012

Stocks closed out their worst week since June after investors looked over third-quarter corporate earnings reports and decided there wasn't much to get excited about.

The big indexes were mixed on Friday. But they were all down more than 2 percent for the week. That was their worst weekly showing since the Standard & Poor's 500 index fell 3 percent for the week ending June 1.

On Friday, the S&P closed down 4.25 points at 1,428.59. The Dow Jones industrial average edged up 2.46 points to close at 13,328.85, giving up an earlier gain of 75. The Nasdaq composite lost 5.30 points to close at 3,044.11.

The nation's largest bank, JPMorgan Chase, blew away Wall Street's expectations for quarterly profits. Wells Fargo just edged out profit forecasts but its revenue fell short.

Wells Fargo fell 93 cents, or 2.6 percent, to $34.25, and JPMorgan fell 48 cents to $41.62. Bank of America fell 22 cents to $9.12. US Bancorp lost 67 cents to $33.72.

Financial and utility stocks had the biggest declines among the 10 industries in the S&P 500.

Trucking and logistics company J.B. Hunt Transport Services Inc. rose $3.58, or 6.5 percent, to $58.37 after its third-quarter profit rose almost 14 percent on strong growth in handling containers that move by ship, rail, or truck.

Advanced Micro Devices Inc. dropped 46 cents, or 14 percent, to $2.74, after the chipmaker said its third-quarter revenue will fall about 10 percent from the second quarter because of weak demand for its products.

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