NEW YORK — A disappointing jobs report dragged stocks lower Friday. Banks took a hit after a Massachusetts court upheld a ruling in a foreclosure case against U.S. Bancorp and Wells Fargo & Co. that could lead to more trouble for lenders.
The Labor Department said employers added 103,000 jobs in December, less than analysts expected. Job growth has remained sluggish in the U.S. since the recession ended in June 2009.
By Chip Cutter and Matthew Craft, The Associated Press
, January 08, 2011
NEW YORK (AP) — JPMorgan Chase & Co. said Thursday its second-quarter net income soared 77 percent to $4.8 billion as a slowdown in losses from failed loans helped offset a difficult spring in trading and investment banking.
In the midst of one of the nation’s worst credit crises, JPMorgan Chase & Co. and Wells Fargo & Co. managed to report better-than-expected third-quarter results on Wednesday. But even two of the country’s strongest banks proved they are not immune to the widespread credit problems plaguing their peers.
Bear Stearns Cos. shareholders on Thursday approved JPMorgan Chase & Co.’s $2.2 billion buyout of the investment bank whose wagers on subprime mortgages made it the largest corporate casualty of the global credit crisis.
May 30, 2008
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