Markets Close Lower for 2nd Consecutive Day

Stocks closed modestly lower on Wall Street for the second day running, led by declines in banks as investors worry how their trading businesses are doing, the AP reports. Top executives from JPMorgan Chase and Bank of America said Wednesday that trading revenues were declining this quarter as markets remain calm. JPMorgan fell 2.1% and Bank of America fell 1.9%. Energy companies fell along with a steep drop in the price of crude oil. Occidental Petroleum fell 2%. Safe-play stocks like phone companies and utilities rose. The Standard & Poor's 500 index slipped 1 point, or 0.1%, to 2,411. The Dow Jones industrial average lost 20 points, or 0.1%, to 21,008. The Nasdaq composite gave up 4 points, or 0.1%, to 6,198. (More stock market stories.)