Stock indexes drift lower, ending a two-day rally

July 31, 2012 • Business

FILE – In a Thursday, July 26, 2012 photo, traders gather at a post on the floor of the New York Stock Exchange during the IPO of Northern Tier Energy. U.S. stocks crept higher in early trading Monday, July 30, 2012 on Wall Street following big gains last week. (AP Photo/Richard Drew, File)

NEW YORK (AP) — A two-day rally that sent stocks soaring last week fizzled out Monday.

European leaders vowed Thursday and Friday to keep the continent’s monetary union intact, and investors sent stock markets shooting higher. But stocks were little changed Monday as investors waited to see if they would back up their words with action.

The Dow Jones industrial average sank 2.65 points to close at 13,073.01. JPMorgan Chase led the Dow lower, falling 2 percent to $36.14.

U.S. Treasury Secretary Timothy Geithner met separately with Germany’s finance minister and the head of the European Central Bank, Mario Draghi, on Monday. Draghi’s pledge to do whatever was needed to protect the euro set off a market rally last week. The Dow rose back above 13,000 for the first time since May and is now up 1.5 percent for the Login to read more

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