For the week, the Dow
Looking at the individual components, there were 17 winners and 13 losers. Only two components were up or down 5% or more, though.
The big winner
On the up side, JPMorgan Chase
There has been a general run-up in bank shares this year as the news on the overall U.S. economy has been mostly positive. A few things to note about banking this week:
- Warren Buffett was generally favorable toward banks in his latest shareholder letter, released last weekend, and specifically favorable toward Bank of America and Wells Fargo
. He also revealed on CNBC that he owns shares of JPMorgan Chase in his personal account. The man who is known for his annual shareholder letters again praised JPMorgan Chase CEO Jamie Dimon. (NYSE: WFC)
- On Friday, both JPMorgan Chase and Bank of America were deemed "substantially" improved in their performance with respect to mortgage assistance -- the government will now pay them incentive payments. Read more here.
- Bank of America got a good deal of press in a Wall Street Journal story regarding its plans to change checking account fees. Bank of America denies that it's made any decisions yet. Read more here.
The big loser
On the down side, Hewlett-Packard
Meanwhile many of us value investors have this question on our minds: Have shares fallen enough to compensate for the drop in earnings power? Read about the latest quarter here.
If HP's value play vs. value trap debate isn't your speed, you can read about another Dow component whose business is on more solid footing in our free report, "3 American Companies Set to Dominate the World." Click here to read all about it.