BUZZ-U.S. STOCKS ON THE MOVE-JPMorgan, Himax Tech, Ziopharm, GM
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U.S. stocks dropped at the open on Wednesday, extending a three-day slide, as worries over weak economies globally continued to pressure commodities and as U.S. retail sales for December fell short of expectations. The Dow Jones industrial average was down 1.28 percent at 17,388.27, the S&P 500 was down 0.94 percent at 2,003.94 and the Nasdaq Composite was down 0.76 pct at 4,626.1.
** JPMORGAN CHASE & CO, $56.68, -3.67 pct
** WELLS FARGO & CO, $51.59, -0.50 pct
** BANK OF AMERICA CORP, $16.09, -2.19 pct
U.S. large cap banks backpedal after JPMorgan and Wells Fargo report fourth-quarter results.
JPMorgan, the biggest U.S. bank by assets, reported a 6.6 percent drop in quarterly profit as legal costs exceeded $1 billion in the wake of government probes into alleged wrongdoing and it set aside more to cover bad loans.
Wells Fargo, the biggest U.S. mortgage lender, reported a slight increase in quarterly profit as it lent more to commercial and industrial customers, but mortgage lending fell to $44 billion from $50 billion a year earlier and $48 billion in the third quarter.