* S&P 500 fails to hit closing high this week
* Trading volume higher than average on 'quadruple witching'
* JPMorgan drops on Senate report, Fed findings
* Dow off 0.2 pct, S&P 500 off 0.2 pct, Nasdaq off 0.3 pct
By Angela Moon
NEW YORK, March 15 U.S. stocks slipped on
Friday, ending the Dow Jones industrial average's longest
winning streak since 1996 as investors paused just below the S&P
500's record high.
A decline in JPMorgan Chase shares after the bank was hit by
a one-two punch of bad news also weighed on the market.
A day after ending within 2 points of the all-time closing
high of 1,565.15 hit in October 2007, the benchmark S&P 500
ended Friday's session about 5 points away. For the week, the
S&P 500 rose 0.6 percent.
The Dow snapped its 10-day winning streak, when it racked up
a series of all-time highs. Equities have rallied since the
start of the year on signs of improvement in the economy and
supported by the Federal Reserve's efforts to bolster the
Investors could use the pause to consolidate bets before
pushing the market higher again, said Cam Albright, director of
asset allocation at Wilmington Trust Investment Advisors in
"I don't think that one or two days' movement is really
going to change the underlying momentum of this market, which I
still think is pretty strong at this point," Albright said.
JPMorgan Chase & Co was the biggest drag on the S&P
500 and one of the biggest weights on the Dow, falling 1.9
percent to $50.02.
The Federal Reserve told JPMorgan and Goldman Sachs Group
Inc that they must fix flaws in how they determine
capital payouts to shareholders, though the central bank still
approved their plans for share buybacks and dividends.
A Senate report alleged that JPMorgan had ignored risks,
misled investors, fought with regulators and tried to work
around rules as it dealt with mushrooming losses in a
derivatives portfolio. A former top JPMorgan official told
lawmakers on Friday she was not to blame for the losses.
In contrast, Goldman shares recovered from early weakness to
gain 0.5 percent to $154.84. The stock of rival Bank of America
rose 3.8 percent to $12.57. The S&P financial sector
index edged up 0.3 percent.
The Dow Jones industrial average slipped 25.03
points, or 0.17 percent, to 14,514.11 at the close. The Standard
& Poor's 500 Index shed 2.53 points, or 0.16 percent, to
1,560.70. The Nasdaq Composite Index dropped 9.86
points, or 0.30 percent, to end at 3,249.07.
For the week, the Dow rose 0.8 percent and the Nasdaq gained
just 0.15 percent.
Volume was robust because of 'quadruple witching' - the
quarterly settlement and expiration of four different types of
March equity futures and options contracts.
Roughly 8.2 billion shares traded on the New York Stock
Exchange, the Nasdaq and the NYSE MKT, compared with the 2012
average daily closing volume of about 6.45 billion.
Supporting the Nasdaq, shares of Apple Inc rose 2.6
percent to $443.66.
Data from Thomson Reuters' Lipper service showed investors
in U.S.-based funds poured $11.26 billion of new cash into stock
funds in the latest week, the most since late January.
A busy day of economic reports reinforced investors' view
that the economic recovery has momentum to it. Manufacturing
output bounced back in February, though the pace of
manufacturing growth in New York state cooled slightly in March
and consumer sentiment fell.
The S&P 500 retail sector index lost 0.8 percent
after the consumer sentiment data from Thomson
Reuters/University of Michigan.
Consumer prices registered their biggest increase in nearly
four years as the cost of gasoline rose. But a smaller gain in
the core U.S. Consumer Price Index, which excludes volatile food
and energy prices, left the door open for the Federal Reserve to
continue its bond-buying program, which has contributed to the
stock market's rally.