U.S. stocks closed lower. The Dow fell 77 points, or 0.6 percent, to 12,496. The S&P lost 9 points, while the Nasdaq was down 24.
- JPMorgan Chase CEO Jamie Dimon told lawmakers today there's a possibility that senior bank executives responsible for a $2 billion trading loss will probably have some of their pay taken back by the company. While he sounded contrite at times, Dimon also defended the bank and his own criticism of some financial regulation.
- Cheaper gas has yet to cause consumers to spend enough on other goods to boost the slumping economy. Americans barely increased their spending at retail businesses this spring, leading economists to predict slower economic growth in the April-June quarter.
- Computer maker Dell is planning to trim its expenses by more than $2 billion during the next three years as it tries into move into the more lucrative fields of technology. Dell outlined its cost-cutting plans a day after the company committed to paying the first quarterly dividend in its 28-year history. The quarterly dividend of 8 cents per share will cost Dell more than $560 million annually.
- Caterpillar says that its board has approved a 13 percent increase in the quarterly cash dividend. It marked the biggest percentage increase in the dividend since the financial crisis of 2008. The board of the Peoria, Ill., manufacturer agreed to raise the quarterly cash dividend by 6 cents to 52 cents per share. It will be payable on Aug. 20 to stockholders of record at the close of business on July 20.