Banks lead Dow lower after JPMorgan Chase earnings

Oct 13 2011 - 8:25am

NEW YORK -- Banks are leading the stock market lower after JPMorgan Chase's income fell in the third quarter because of weakness in its investment banking division.

JPMorgan said its income slipped 4 percent in the July-September period. It also set aside $1 billion for litigation related to poorly written mortgage loans. Its stock fell 4.1 percent, the most of the 30 companies that make up the Dow Jones industrial average.

The number of people seeking unemployment benefits in the U.S. barely changed last week, reflecting a sluggish job market.

Shortly after the opening bell Thursday, the Dow is down 79 points, or 0.7 percent, at 11,439. The Standard & Poor's 500 is down 10, or 0.8 percent, at 1,197. The Nasdaq composite is down 9, or 0.4 percent, at 2,595.

 

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