Thanks to consumer confidence hitting a high not seen since 2008, the market has fought to hold on to the day's gains, in the face of yet another banking scandal. With that in mind, let's take a closer look at how the major indexes are faring and drill down on a few stocks making headlines.
|Dow Jones Industrial Average ||(13.47)||(0.10%)||12,841.57|
Source: Yahoo! Finance.
The Nasdaq looks poised to finish the week on a positive note, while the Dow and S&P 500 are barely clinging on to positive territory toward the end of the trading session after recovering from a rough start. The drop is largely due to the declines seen in the financial sector spurred on by JP Morgan's
The Wall Street bank disclosed a $2 billion derivative trading loss and shares have been punished by more than 8%. Other banking component Bank of America is down less than 1%, as a rough derivative loss at a competitor is hardly a systemic issue. But the episode reinforces the belief that even the best-run Wall Street banks struggle with risk management and raise the specter of "too big to fail."
The big action today is in health care, specifically the biotech space, after an FDA advisory committee recommended approval for Arena Pharmaceuticals'
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