×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

Wall St falls after China data, JPMorgan earnings

Wall St falls after China data, JPMorgan earnings
Comment E-mail Print Share
First Published: Thu, Oct 13 2011. 08 11 PM IST

JP Morgan Chase logo at the base of one of the bank’s larger Lower Manhattan buildings in New York. Photo: AP
JP Morgan Chase logo at the base of one of the bank’s larger Lower Manhattan buildings in New York. Photo: AP
Updated: Thu, Oct 13 2011. 08 11 PM IST
New York: United States (US) stocks fell on Thursday as earnings from JPMorgan and soft economic data in China reinforced worries about a slowing global economy, giving investors reason to pause after the recent run-up.
JPMorgan Chase & Co slipped 3.5% to $32.04 as the biggest drag on the Dow, after the first major US bank to announce third-quarter earnings said they fell 4% as the European debt crisis pushed investment banking clients to the sidelines.
The KBW Bank index shed 2.2%.
JP Morgan Chase logo at the base of one of the bank’s larger Lower Manhattan buildings in New York. Photo: AP
China’s trade surplus, in a reflection of global economic weakness and domestic cooling, narrowed for a second straight month in September as both imports and exports were lower than expected.
“(JPMorgan) is kind of a lead into earnings, a little bit better than expected, but it really wasn’t a knock your socks off number either, so it’s not going to sway the market too much,” said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois. “You probably are seeing a little bit of profit taking, but nothing too dramatic.”
The S&P 500 has run up 11.4% from its intraday low hit last week on Tuesday and had its largest seven-day rally since March 2009 on growing optimism European leaders were making progress in tackling the region’s debt problems.
The Dow Jones industrial average was down 104.52 points, or 0.91%, at 11,414.33. The Standard & Poor’s 500 Index was down 12.31 points, or 1.02%, at 1,194.94. The Nasdaq Composite Index was down 10.93 points, or 0.42%, at 2,593.80.
On the US economic data front, new claims for jobless benefits were little changed last week and the trade deficit narrowed marginally in August, indicating a modest improvement in the economy.
Google is reporting third-quarter earnings after the close and investors will be looking to see how the slowing economy is impacting its advertising business.
A report on Wednesday that Akamai Technologies Inc was close to being acquired by Google has no merit, a person familiar with the matter said. Akami shares were up 4.1% to $24.32 and Google edged up 0.15 to $549.31.
Comment E-mail Print Share
First Published: Thu, Oct 13 2011. 08 11 PM IST
More Topics: US Market | Stocks | JPMorgan | China | Dow Jones |