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.
