The Dow Jones Industrial Average (^DJI -1.45%) has now wiped out all of its gains from yesterday's rally. As of 12:30 p.m. EDT, the index sits at 13,437 points, down more than 77 points, or 0.57%. At this time yesterday, the Dow was up more than 150 points, and it looked as if we may be in store for a great fourth quarter. But then the market slid back and closed the day up only 77 points, so now we're almost exactly where we started the fourth quarter. Even with all of the rollercoaster-riding, the Volatility Index (Index: ^VIX) is well below where it was in June and more than 25% lower than where it sat at this point last year.
A number stocks are pulling the Dow lower this afternoon. Currently, 17 Dow components are in the red, and now I'll highlight three in particular: American Express (AXP -0.88%), JPMorgan Chase (JPM -0.08%), and DuPont (DD).
So why are they down?
The Consumer Financial Protection Bureau released a statement on Monday that American Express subsidiaries illegally charged, discriminated against, and deceived customers. The credit card company will have to refund $85 million to 250,000 customers and pay a fine of $27.5 million, which will be split among a number of government agencies. American Express is trading lower today by 0.73% after closing yesterday up 0.96%.
JPMorgan is also facing heat from the U.S. government after a report this morning said the New York Attorney General sued the bank because of issues involving Bear Stearns. Attorney General Eric Schneiderman claims that Bear Stearns has defrauded investors when selling mortgage-bonds. JPMorgan took over Bear in 2008 during the financial crisis' most pressing days. JPMorgan is trading lower by 0.29% this afternoon.
And finally, chemical manufacturer DuPont is one of the worst-performing Dow components thus far, down more than 1.23%. The slide comes after Wells Fargo reduced estimates on the company because of general global economic concerns and discontinued operations relating to Performance Coating. The Wells Fargo estimate is a little late; the Carlyle Group announced on August 30 that it would be purchasing Performance Coating.
