J.P. Morgan Chase Announces Huge Drop In Fourth Quarter Profit: Acadiana Business Index
- The Dow Jones Industrial Average lost 49 points to 12,422.
- Ratings agency Standard & Poor's could soon move to downgrade euro-zone countries, according to The Wall Street Journal. In a separate blow to confidence, talks to restructure Greek debt didn't reach a conclusion Friday and have been suspended. The headlines sent the euro sharply lower. European stocks also finished in negative territory.
- In economic data, the Commerce Department said Friday that the U.S. trade deficit widened in November, as exports to the Europe fell. Separately, a preliminary reading on consumer confidence rose in January.
- J.P. Morgan Chase disappointed Wall Street by announcing a fourth quarter in which profit dropped 23% from the same period a year ago to $3.7 billion. JPM down 2.5% to $35.92
- Light, sweet crude closed at $98.70 a barrel on the New York Mercantile Exchange.
- Gold closing today at $1,631 an ounce.