Alexa

Bank stocks lead a broad decline on Wall Street

Bank stocks lead a broad decline on Wall Street

Bank stocks are leading a broad decline in early trading on Wall Street. JPMorgan Chase is down sharply after The New York Times reported that its trading loss could be $9 billion, much larger than the bank has acknowledged.
The Dow Jones industrial average fell 104 points to 12,520 early Thursday. The Standard & Poor's 500 index fell nine points to 1,322 and the Nasdaq composite was off 26 points at 2,848.
JPMorgan led bank stocks lower after the Times reported that its loss from a complex trade that went wrong could swell. The bank had said previously the loss was $2 billion but could get larger. JPMorgan's stock was down 3 percent.
News Corp. fell 1 percent after the media conglomerate said it would split in two.