NEW YORK (AP) -- Big banks weighed on the stock market Wednesday, tugging major indexes back from record highs.<br />
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Regulators from the U.S., Switzerland and the U.K. fined five major banks a total of $3.4 billion for conspiring to manipulate foreign-currency trading. The news drove down bank stocks in Europe and U.S. JPMorgan Chase fell more than 1 percent, the biggest drop in the Dow Jones industrial average.<br />
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"The fines from the watchdogs took some of the wind out of the market," said Peter Cardillo, chief market economist at Rockwell Global Capital Management. But a slight dip following five days of record highs "is actually healthy," he said. "That's the sign of a good bull market. Going straight up every day would be reckless."<br />
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The Standard & Poor's 500 index slipped 1.43 point, a sliver of a percent, to end at 2,038.25.<br />
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The Dow lost 2.70 points to 17,612.20, while the Nasdaq composite rose 14.58 points, or 0.3 percent, to 4,675.13.<br />
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On Tuesday, the S&P 500 closed at a record high for the fifth straight day.
