Issue link: https://www.epageflip.net/i/6020
NEW YORK (AP) — Rising loan losses in JPMorgan Chase & Co.'s consumer bank business and a disappointing reading on consumer sentiment sent investors rushing from stocks Friday. Financial stocks led the market lower, pulling major stock indexes down more than 1 percent from 15- month highs. The Dow Jones industrial average lost 140 points. Interest rates fell in the bond markets as investors bought Treasurys in search of safety. JPMorgan, regarded as one of the strongest U.S. banks, warned investors it was too soon to say that losses on mortgages and other loans have peaked. The weakness in JPMor- gan's consumer business hurt other financial stocks, which led the rest of the market lower. Investors took little solace from a much stronger than expected prof- it report late Thursday from Intel Corp., the biggest maker or computer chips. Commodity prices slumped as the dollar turned higher, and a disappointing report on consumer senti- ment also weighed on the market. The preliminary Reuters/University of Michigan consumer senti- ment index rose to 72.8 from 72.5 in late December but came in weaker than economists had forecast. The news from JPMor- gan brought concerns about profits at other big banks, many of which post results next week. Banks have been saying since the financial crisis exploded in the fall of 2008 that mortgages reset- ting at higher rates and job losses would push more loans into default. The latest comments gave investors a fresh reminder that the economy still needs more time to heal. After a 10-month run in the market that has been all but unbroken, some investors are starting to believe that stocks are run- ning out of forward momentum. The Dow on Thursday closed above 10,700 for the first time since October 2008 and has climbed 63.6 percent since March, though it's still down 24.4 percent from its peak in October 2007. Investors will get more signals about the economy next week as more compa- nies report earnings. U.S. markets are closed on Mon- day for Martin Luther King Jr. Day. In early afternoon trad- ing, the Dow fell 138.23, or 1.3 percent, to 10,572.32. The Standard & Poor's 500 index fell 15.57, or 1.4 per- cent, to 1,132.89, and the Nasdaq composite index fell 33.64, or 1.5 percent, to 2,283.10. Bond prices rose, push- ing their yields lower. The yield on the benchmark 10- year Treasury note fell to 3.67 percent from 3.74 per- cent late Thursday. The dollar rose against most major currencies, par- ticularly the euro. That hurt prices of commodities, which are priced in dollars. A stronger greenback makes commodities like oil more expensive to foreign buyers. Crude oil fell $1.20 to $78.19 per barrel on the New York Mercantile Exchange. Gold prices fell. Among banks, JPMor- gan fell 92 cents, or 2.1 per- cent, to $43.77. Morgan Stanley fell $1.11, or 3.6 percent, to $30.09, while Citigroup Inc. fell 8 cents, or 2.3 percent, to $3.43. Three stocks fell for every one that rose on the New York Stock Exchange, where volume came to 782.6 million shares compared with 390.4 million shares traded at the same point Thurs- day. Trading was heavy Friday because of the expi- ration of options contracts on some stocks. The Russell 2000 index of smaller companies fell 11.57, or 1.8 percent, to 634.86. 10B – Daily News – Saturday, January 16, 2010 50% OFF 50% OFF UP TO 235 So. Main St., Red Bluff 527-1657 Furniture Depot MON.-FRI. 9:00-6:00 SAT. 9:00-5:00 • SUN. 11:00-5:00 January Clearance SAVINGS www.integrityhvac.com Visit our website @ 5213 Industrial Way, Anderson, CA State Lic. 750325 Solar Lic. 931200 Comfort you can trust! Redding 242-9100 Anderson 365-9100 Red Bluff 528-9100 The Electric Man For all your electrical needs • New Outlets / 220 • Fans / Fixtures • Pools / Spas • Code Corrections • Troubleshooting • Panel Upgrade • Telephone Wiring 347-4441 $10.00 Customer Discount FREE Estimates License# 826543 Come in and check out our $ 4 99 Lunch Specials We are open and NOT CLOSING Mon thru Fri 11-3 200 So. Main St. Red Bluff, Ca 529-9488 LASSEN MEDICAL GROUP Announces Centralized Flu Clinic For treatment of flu symptoms Cottonwood 20833 Long Branch Drive (530) 347-3418 Monday-Friday 8am-6pm Red Bluff 2450 Sister Mary Columba Drive, Suite F (530) 527-0414 Monday-Friday 8am-8pm • Saturday 8am-6pm New patients accepted • No appointment necessary Children 5 years and under should continue their care in the Pediatrics Department for flu symptoms. Pediatrics extended hours Mon., Wed., Fri. until 6:30pm. Most insurances accepted including Medicare and Medi-Cal redbluff.mercy.org/sports You give your best, so be treated by the best! Our Team of specialists share your passion for sports. From injury prevention, to evaluation, treatment and rehab, we commit to KEEPING YOU IN THE GAME! State of the art Imaging Center State of the art Surgery Center St. Elizabeth Community Hospital Sports Medicine Program A member of CHW Introducing our new Sports Medicine Medical Director Riico Dotson, MD 800.990.9971 redbluff.mercy.org/sports RANDAL ELLOWAY DDS, INC. 2426 SO. MAIN ST., RED BLUFF CA, 96080 • 530-527-6777 Associate Fellow of American Academy of Implant Dentistry ADVANTAGES OF DENTAL IMPLANTS OVER DENTURES OR A BRIDGE ESTHETIC: DENTAL IMPLANTS LOOK AND FEEL LIKE YOUR OWN TEETH TOOTH SAVING: DENTAL IMPLANTS DON'T SACRIFICE THE QUALITY OF YOUR ADJACENT TEETH LIKE A BRIDGE DOES. CONFIDENCE: DENTAL IMPLANTS ALLOW YOU TO ONCE AGAIN SPEAK AND EAT WITH COMFORT AND CONFIDENCE. THEY ARE SECURE AND OFFER FREEDOM FROM THE IRKSOME CLICKS AND WOBBLES OF DENTURES. THEY ALLOW YOU TO SAY GOOD BUY TO WORRIES ABOUT MISPLACED DENTURES AND MESSY PASTES AND GLUES. RELIABLE: THE SUCCESS RATE OF DENTAL IMPLANTS IS HIGHLY PREDICTABLE. THEY ARE CONSIDERED AN EXCELLENT OPTION FOR TOOTH REPLACEMENT. CALL ME FOR MORE INFORMATION. SEE IF YOU ARE A GOOD CANDIDATE. I WILL BE GLAD TO TALK TO YOU PERSONALLY. VISIT US @ www.drelloway.com • Your loved one NEVER leaves our care. • For your peace of mind, we personally perform cremations on site. • No hidden charges. If cremation is your choice, there really is no other choice for you than the cremation experts at Hoyt-Cole Chapel of the Flowers. Contact us today so we may answer your questions. Hoyt-Cole Chapel of the Flowers Funerals • Cremations • Prearrangements 816 Walnut Street | Red Bluff (530) 527-1174 www.chapeloftheflowers.net Hoyt-Cole Chapel of the Flowers owns and operates the only on-site crematory in Tehama County. Is cremation your choice? Stocks fall on JPMorgan results, sentiment survey Wall Street