Stock indexes drift lower, ending a two-day rally

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Associated Press

Posted on July 30, 2012 at 12:01 PM

Updated Monday, Jul 30 at 6:01 PM

NEW YORK (AP) — U.S. stocks are drifting lower as a two-day rally that started last week came to an end.

The Dow Jones industrial average sank three points to close at 13,073 on Monday. JPMorgan Chase led the Dow lower, falling 2 percent to $36.14.

The Dow surged 400 points at the end of last week after the head of the European Central Bank, Mario Draghi, pledged to protect the euro currency union.

Hopes are high that Draghi will back up his words with action when the bank meets Thursday.

The broader Standard & Poor's 500 index fell one point to 1,385, while the Nasdaq dropped 12 points to 2,946.

Falling stocks nudged past rising ones by a small margin on the New York Stock Exchange. Trading volume was light at 3.2 billion.

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