Wal-Mart weighs on Dow; Stocks close mixed

NEW YORK — Stocks are closing mixed. Wal-Mart Stores Inc. dragged down the Dow Jones industrial average Monday after analysts at JPMorgan downgraded the company.

JPMorgan's analysts say the world's largest retailer risks losing customers as low-income customers head to discount stores and other shoppers return to more expensive stores.

Stocks traded in a tight range as investors weighed the impact of President Barack Obama's $3.73 trillion budget proposal for the next fiscal year.

The Dow fell 5 points, or less than 0.1 percent, to close at 12,268. The S&P 500 index rose 3 points, or 0.2 percent, to 1,332. The Nasdaq composite gained 7 points, or 0.3 percent, to 2,817.

Rising stocks outpaced falling ones by a small margin on the New York Stock Exchange. Trading volume was 817 million shares.