NEW YORK (AP) — Banks led the market lower after JPMorgan Chase posted a rare earnings miss. Reports that European governments were about to get their credit ratings cut drove the euro down and sent Treasury prices up.

The Dow Jones industrial average fell 49 points, or 0.4 percent, to close at 12,422 Friday. Markets were little changed after France’s finance minister confirmed that Standard & Poor’s had stripped the country of its AAA credit rating.

The S&P 500 index fell 6, or 0.5 percent to 1,289. The Nasdaq fell 14, or 0.5 percent, to 2,711.

Even with Friday’s fall, all three indexes posted gains for the second straight week.

Two stocks fell for every one that rose on the New York Stock Exchange. Trading volume was light at 3.6 billion.