NEW YORK (AP) — Rising loan losses at JPMorgan Chase & Co.’s consumer bank and a disappointing reading on consumer sentiment are sending investors rushing from stocks.
JPMorgan is warning investors Friday that it is too soon to say that losses on mortgages and other loans have peaked. The weakness in JPMorgan’s consumer business is hurting other financial stocks.
A disappointing report on consumer sentiment is also hitting stocks. The preliminary Reuters/University of Michigan consumer sentiment index has come in weaker than economists had forecast.
At midday, the Dow Jones industrial average is down 104 at 10,607. The Standard & Poor’s 500 index is down 12 at 1,136, and the Nasdaq composite index is down 25 at 2,291.
