Tue Aug 12, 4:56 PM ET NEW YORK (AFP) - US stocks closed lower Tuesday as several major banks unveiled fresh losses reminding investors that an already lengthy credit crunch is still biting financial firms balance sheets.Traders said reports of losses at JPMorgan Chase and Swiss banking giant UBS had unsettled investors, even though world oil prices continued to tumble.
The Dow Jones Industrial Average closed down 139.88 points (1.19 percent) at 11,642.47.
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