Bank of America, Alcoa, Microsoft, JPMorgan: Dow Movers
NEW YORK (TheStreet) -- U.S. stocks added to losses on Wednesday, and the Dow Jones Industrial Average was no exception, dropping 124.72 points, or 0.94%, to 13,074.83.
The hangover from the Tuesday news that more quantitative easing from the Federal Reserve seems less likely weighed on equities, and the selloff was compounded by renewed Eurozone concerns after a weak Spanish sovereign debt auction.
For the second-straight day, Dow winners were the exception to the rule. Breadth within the Dow was negative with 26 of the 30 components posting losses on Wednesday.
The S&P 500 fell 14.42 points to 1,398.96 and the Nasdaq Composite lost 45.48 points to close at 3,068.09.
Shares of Bank of America fell 3.06% to $9.20. The bank's shares dropped nearly 2% Tuesday to close at $9.49.
Bank of America's stock is the biggest gainer in the Dow year-to-date with an increase of 65.47%.
TheStreet Ratings gives Bank of America a C- grade and hold rating.
JPMorgan shares lost 2.22% to $44.41. Regulators are getting ready to reprimand JPMorgan for its part in Lehman Brothers' downfall, according to The New York Times. The bank is expected to settle and pay a fine.
JPMorgan gets a B+ grade with a buy rating and a $52.75 price target from TheStreet Ratings.
Shares of Alcoa dropped 2.49% to $9.81. TheStreet Ratings gives Alcoa a C grade and hold rating.
Microsoft shares lost 2.29% to close at $31.21. The market did not reward Microsoft on a day during which the tech giant donated to 16 Los Angeles senior centers Xboxes and one year of Xbox Live gold memberships.
TheStreet Ratings gives Microsoft an A grade with a buy rating and $37.10 price target.
-- Written by Alexandra Zendrian
>To contact the writer of this article, click here: Alexandra Zendrian
>To submit a news tip, send an email to: email@example.com.
>To follow the writer on Twitter, go to Alexandra Zendrian.