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U.S. Stocks Dip As JP Morgan Weighs; Hot Stocks: JPM, NVDA, NFLX, MWW, JWN, DDS, MDR

 May 11, 2012 06:45 PM

(By Balachander) U.S. stocks closed on a slightly lower note as investors weighed an upbeat data on U.S. consumer sentiment against disclosure by JP Morgan Chase of $2 billion trading losses on a failed hedging strategy.

S&P 500 Index shed 0.34 percent to finish at 1,353.39. The Dow Jones Industrial Average dipped 0.27 percent to end at 12,820.60. The Nasdaq Composite Index edged 0.01 percent higher to close at 2,933.82.

On the economic front, U.S. consumer sentiment index jumped to a four-year high in May, a report from Reuters and the University of Michigan showed. The consumer sentiment index for the month advanced to 77.8 from 76.4 reading in April, while economists expected the index to slip to 76.2. Meanwhile, producer price index unexpectedly fell by 0.2 percent last month after coming in unchanged in March as energy prices declined, a data from the Labor Department showed. Core producer price index added 0.2 percent in April versus a 0.3 percent rise in March.

Hot Stocks Of The Day: JPM, NVDA, NFLX, MWW, JWN, DDS, MDR

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In corporate news, JPMorgan Chase & Co. (NYSE:JPM) retreated 9.28 percent after the company disclosed a hefty $2 billion trading loss in its synthetic credit portfolio. JPMorgan's revelation hit bank stocks including Citigroup Inc. (NYSE:C), Morgan Stanley (NYSE:MS), Bank of America Corp. (NYSE:BAC), Goldman Sachs Group Inc. (NYSE:GS) and Wells Fargo & Co. (NYSE:WFC).

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NVIDIA Corp. (NASDAQ:NVDA) rallied 6.36 percent after the graphics and mobile chip maker guided second quarter revenue above market expectations following stronger than forecast first quarter. For the second quarter, the company forecasts revenue in the range of $990 million to $1.05 billion, coming in above analysts' expectations of $976.2 million.

Netflix Inc. (NASDAQ:NFLX) jumped 6.95 percent after director Jay Hoag, through his venture capital firm, bought about 200,000 shares for around $14.5 million. NFLX shares, which have gained 13 percent this year, hit a low late last year as U.S.

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