Indices End Mixed Again, Disappointed by JPMorgan Chase Earnings (JPM, GOOG)

So far this week, the major indices have followed a pattern: rise, end mixed, rise, and now have ended mixed once again. The Dow and S&P both posted moderate losses, recovering in the afternoon from even greater losses earlier in the trading session, while the Nasdaq posted a respectable increase of 15 points, or 0.60%. Many stocks, especially those in the financial sector, trended downward after JPMorgan Chase’s (JPM) earnings disappointed investors and hinted at continued economic instability. Investors took heed of the ruling in the case of hedge fund billionaire Raj Rajaratnam, who received 11 years in prison for insider trading. Crude oil futures fell $1.34, while mortgage rates rose sharply this week, increasing to 4.12%.

Word on the Street

• Today’s results from JPMorgan Chase (JPM) were deemed disappointing, despite beating analyst estimates.
• Why did Raj Rajaratnam receive the longest prison term in history for an insider trading conviction?
• Another major clothing company announced plans to cut back, as Gap Inc. (GPS) revealed they will be closing a third of their namesake stores in the US.
• Just after the closing bell, Google (GOOG) announced a 37% increase in net revenue, beating expectations and sending shares upward.
• Crude oil futures drop for the second day in a row, as crude supplies increased more than expected.

Interesting Tidbits

• Frustrated with your struggle to find a new job? Learn about the concept of the “job hotel.”
• Debating about whether the cost of higher education is worth it or not? Take a look at the “higher education bubble.”

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