Wednesday stocks give up early gains

Dow now at 12,169, down 88 points at midday.

NEW YORK (AP) — Financial stocks fell Wednesday after the chief executive of JPMorgan Chase said the bank’s losses from mortgages will continue for a while.
JPMorgan Chase & Co., the first big bank to release first-quarter earnings, reported net income that beat expectations. JPMorgan’s investment banking and credit card businesses did well, but its mortgage business remained weak. Chief executive Jamie Dimon said JPMorgan and other banks will likely pay more fees and penalties after investigations into foreclosure proceedings in all 50 states are finished.
Broad market indicators fell slightly in afternoon trading. The Standard & Poor’s 500 index lost 2 points, or 0.2 percent, to 1,312. The Dow Jones industrial average fell 12, or 0.1 percent, to 12,251. The Nasdaq composite gained 9, or 0.3 percent, to 2,754.
Financial companies fell 0.7 percent. JP Morgan lost 0.7 percent, while Bank of America Corp. and Wells Fargo & Co. each lost more than 1 percent.
Stocks had risen in early trading after the government reported that retail sales rose 0.4 percent overall in March, though much of the gain was due to higher gas prices. It was the ninth straight month of increases.

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