US STOCKS-Credit fears sink Wall St; JPMorgan slides
(Updates with market extending losses)
NEW YORK, Aug 12 (Reuters) - U.S. stocks fell on Tuesday, led lower by financial shares on worries about further losses stemming from the mortgage crisis.
News that JPMorgan Chase (JPM.N) , the No. 3 U.S. bank, has taken another $1.5 billion of write-downs in the current quarter to date suggested the fall-out from the housing slump is far from over. For details, see [ID:nBNG180409]
Additionally, Goldman Sachs (GS.N) was hit by several stock rating downgrades. Shares of JPMorgan, down more than 6 percent at $39.03 on the New York Stock Exchange, were a top drag on the Dow and the S&P 500, as shares of Goldman declined more than 4 percent to $170.64.
The Dow Jones industrial average .DJI fell 111.30 points, or 0.94 percent, to 11,671.05. The Standard & Poor's 500 Index .SPX declined 9.30 points, or 0.71 percent, to 1,296.02. The Nasdaq Composite Index .IXIC fell 10.29 points, or 0.42 percent, to 2,429.66. (Reporting by Ellis Mnyandu; Editing by Kenneth Barry)
