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US stocks bounce back; big banks creep higher

1:40 PM, Jun 22, 2012   |    comments
New York Stock Exchange
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NEW YORK (AP) - 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.

The Associated Press

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