Stock indexes drift lower, ending a two-day rally
By MATTHEW CRAFT AP Business Writer July 30, 2012 3:50PM
FILE - In a Thursday, July 26, 2012 photo, traders gather at a post on the floor of the New York Stock Exchange during the IPO of Northern Tier Energy. U.S. stocks crept higher in early trading Monday, July 30, 2012 on Wall Street following big gains last week. (AP Photo/Richard Drew, File)
Updated: July 30, 2012 11:44PM
NEW YORK (AP) — U.S. stocks are drifting lower as a two-day rally that started last week came to an end.
The Dow Jones industrial average sank three points to close at 13,073 on Monday. JPMorgan Chase led the Dow lower, falling 2 percent to $36.14.
The Dow surged 400 points at the end of last week after the head of the European Central Bank, Mario Draghi, pledged to protect the euro currency union.
Hopes are high that Draghi will back up his words with action when the bank meets Thursday.
The broader Standard & Poor’s 500 index fell one point to 1,385, while the Nasdaq dropped 12 points to 2,946.
Falling stocks nudged past rising ones by a small margin on the New York Stock Exchange. Trading volume was light at 3.2 billion.