Dow Turn Lower Despite JPMorgan Results

Traders got their first look at bank earnings on Friday, and frankly, seemed a bit unimpressed.

Wall Street turned lower Friday after the banking giant JPMorgan Chase topped forecasts with a quarterly net income of $3.3 billion, or 74 cents a share on revenue of $25.2 billion. The reaction? “A damp squib,” one trader said, because the bank was expected to top forecasts.

Analysts did however focus on JPMorgan’s consumer credit unit, which added another $1.9 billion to its loan loss reserve, raising concerns about consumer spending.

Read Full Article from New York Times

- Posted: 2010-01-15 11:23:41

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