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US STOCKS-Wall St flat, but on track for weekly loss
2012年5月11日 / 下午2点27分 / 6 年前

US STOCKS-Wall St flat, but on track for weekly loss

* Bank shares tumble after JPMorgan reveals loss
    * Sector was already pressured by Europe, growth fears
    * Nvidia rallies after results, lifting Nasdaq
    * Dow up 0.05 pct, S&P up 0.11 pct, Nasdaq up 0.52 pct

    By Ryan Vlastelica	
    NEW YORK, May 11 (Reuters) - U.S. stocks were little changed
on Friday but remained on track for a second week of declines
after JPMorgan Chase & Co revealed a trading loss of at least $2
billion from a failed hedging strategy.	
    The news weighed on bank shares, sending the Dow component
down 8.9 percent to $37.11, but indexes rebounded off their
early lows, continuing a trend this week of investors using dips
as an occasion to buy.	
    Stocks were also buoyed by upbeat consumer sentiment data
and an earnings beat by Nvidia Corp.	
    JPMorgan estimates the business unit involved in the
trading loss will lose $800 million in the current quarter,
excluding private equity results and litigation expenses. The
bank had previously expected the unit to earn a profit of about
$200 million.	
    Jamie Dimon, the chief executive of the biggest U.S. bank by
assets, cautioned that losses could grow by another $1 billion,
another hurdle for a sector already besieged by the sovereign
debt crisis in Europe and fears of slowing growth globally.
    "This surprise has created a lot of uncertainty and is
taking the wind out of our sails," said Joseph Cangemi, managing
director at BNY ConvergEx Group in New York. "However, I see
this as specific to JPMorgan, not a systemic issue, so I would
be buying if I was looking at any specific financial at this
    Bank of America Corp fell 3.2 percent to $7.45 while
Citigroup Inc lost 4.6 percent to $29.24 and the Financial
Select Sector SPDR was off 1.8 percent to $14.72. The
S&P financial sector fell 0.6 percent, extending its
month-to-date losses to 4.7 percent.	
    Financial stocks have been among the most volatile in recent
months as investors question what the growth outlook for the
U.S. and the debt crisis of Europe will mean for the group's
profits. JPMorgan has fallen 14 percent this month.	
    The Dow Jones industrial average was up 6.85 points,
or 0.05 percent, at 12,861.89. The Standard & Poor's 500 Index
 was up 1.43 points, or 0.11 percent, at 1,359.42. The
Nasdaq Composite Index was up 15.18 points, or 0.52
percent, at 2,948.82.	
    The CBOE VIX Volatility Index is up 15 percent this
month in a sign of growing caution.	
    For the week, the S&P is down 1.1 percent, the Dow is off
1.8 percent and the Nasdaq is down 1.2 percent. All three are on
track for their second straight week of losses.	
    U.S. consumer sentiment rose more than expected, advancing
to its highest level in more than four years in early May as
Americans remained upbeat about the job market, according to the
Thomson Reuters/University of Michigan's preliminary May
    Producer prices fell 0.2 percent in April, below the
expectation for flat growth.	
    Nvidia Corp rose 8.5 percent to $13.45 after
reporting adjusted first-quarter earnings that beat
expectations. The stock limited the Nasdaq's decline and was the
S&P 500's top percentage gainer. 	
    With 449 of the S&P 500 companies reporting results through
Thursday morning, 66.4 percent exceeded estimates, according to
Thomson Reuters data, compared with more than 80 percent at the
start of earnings season.

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