Stocks bounce back, big banks creep higher
associated press June 22, 2012 8:30AM
FILE- In this Thursday, June 21, 2012 file photo, a trader works on the floor of the New York Stock Exchange in New York. Wall Street appeared headed for a higher opening, Friday June 22, 2012 a day after the Dow sustained its second-worst loss of the year. Dow Jones industrial futures rose 0.4 percent to 12,546 and S&P 500 futures added 0.4 percent to 1,323.50. (AP Photo/Mary Altaffer, File)
Updated: June 22, 2012 3:28PM
NEW YORK — The stock market is bouncing back, a day after suffering its second-worst loss this year.
The Dow Jones industrial average gained 71 points to close at 12,644 Friday.
JPMorgan Chase and other big banks helped lead indexes higher, even though Moody’s cut the credit ratings on JPMorgan and 14 other large banks after the market closed Thursday.
Moody’s had been warning it would make the move since early this year.
The Standard & Poor’s 500 rose 10 points to 1,335 and the Nasdaq composite climbed 33 points to 2,892. It was the first week of losses for the Dow and S&P 500 since the week of June 1.
Two stocks rose for every one that fell on the New York Stock Exchange. Trading volume was average at 3.8 billion.