The Joplin Globe, Joplin, MO

Business

May 11, 2012

Banks lead Wall Street lower on JPMorgan loss

NEW YORK — Financial stocks are leading the market lower in early trading after JPMorgan disclosed a huge trading loss.

The bank reported a $2 billion loss at a London trading unit after the close of markets Thursday. JPMorgan is down nearly 9 percent in the first minutes of trading.

The Dow Jones industrial average fell 70 points to 12,785 shortly after the opening bell Friday. The Standard & Poor’s 500 is down four points at 1,353.

The Nasdaq composite, which mainly follows technology stocks, edged up two points to 2,936.

The news of huge losses at the largest bank in the U.S. pulled down other financial stocks.  Morgan Stanley fell nearly 5 percent. Goldman Sachs is down 4 percent.

 

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