Major Wall Street indexes dropped Thursday
after reports that JPMorgan Chase's losses in hedge trading on credit
derivatives could be as large as $9 billion.
Fears of a global slowdown were stoked as European Union leaders
met in Brussels to approve a bailout for Cyprus and discuss how to
aid Spanish banks.
The blue-chip Dow Jones Industrial Average lost 24.75 points, or
0.2 per cent, to 12,602.26 The broader Standard & Poor's 500 Index
fell 2.7 points, or 0.2 per cent, to 1,329.15. The technology-heavy
Nasdaq Composite Index rose 25.83 points, or 0.9 percent, to
2,849.49.
The US currency rose against the euro to 80.36 euro cents from
80.21 euro cents on Wednesday. The dollar fell against the Japanese
currency to 79.46 yen from 79.74 yen.
