By and  on October 13, 2011

Financial stocks led markets down on both sides of the Atlantic today as J.P. Morgan reported weaker quarterly profits and European banks were told to hold more money in reserve given the continent's debt crisis.

In the U.S., the S&P Retail Index fell 0.4 percent, or 2.06 points, to 528.79 as trading settled and the Dow Jones Industrial Average retreated 0.4 percent, or 40.72 points, to 11,478.13. Most retail stocks lost ground including The Wet Seal Inc., down 8.9 percent to $4.10; Abercrombie & Fitch Co., 2.6 percent to $68.96; J.C. Penney Co. Inc., 1.8 percent to $29.70, and Wal-Mart Stores Inc., 0.3 percent to $55.01.

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