Stocks close on the downside despite JPMorgan Chase’s profit reports
Wall Street saw triple digit losses on the Dow as indexes on all fronts saw losses. JPMorgan Chase released its quarterly profits reports and the news was good, so it seemed. The bank reported profit of $3.3 billion, though the company still missed forecasts. The bank also reported that it had suffered losses in its credit card and mortgage sector. As shares of the bank fell almost 2% today, other financials such as Bank of America (BAC), Goldman Sachs (GS), Morgan Stanley (MS) and Wells Fargo (WFC) were hurt by the news bringing the market down.
It promoted investors to sell as many are nervous that credit losses will see darker days ahead. More quarterly earnings are expected to be announced next week by the big banks. The Dow took a huge hit as it fell 100.90 points to 10,609.65, the biggest drop since the final trading day of 2009. The S&P 500 index fell 12.43 to close 1,136.03 and the
Gold fell $12.50 to close at $1,130.50 an ounce. Oil fell $1.39 to settle at $78 a barrel on the New York Mercantile Exchange. In Europe, France’s CAC was down 1.53% to close at 3954.38, Germany’s DAX closed at 5875.97 and London’s FTSE100 was down 0.78% to close at 5,455.37. In Asia Japan’s Nikkei continued to climb gaining 74.42 points to close at 10,982.10