BUZZ-U.S. STOCKS ON THE MOVE-JPMorgan, oil stocks, EnteroMedics, Ocwen

Wed Jan 14, 2015 1:12pm EST
 
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(For faster updates on individual market-movers, Eikon users please use search string "STXBZ US"; for the Day Ahead newsletter, link.reuters.com/mex49s; for the Morning News Call newsletter, link.reuters.com/nex49s)

U.S. stocks dropped on Wednesday, putting equities on pace for their fourth straight losing session as a World Bank forecast sparked concerns about weak economies and U.S. retail sales for December missed expectations. The Dow Jones industrial average was down 1.62 percent at 17,328.87, the S&P 500 was down 1.28 percent at 1,997.13 and the Nasdaq Composite was down 0.93 pct at 4,617.97.

** JPMORGAN CHASE & CO, $55.63, -5.46 pct

** WELLS FARGO & CO, $50.715, -2.19 pct

** BANK OF AMERICA CORP, $15.88, -3.47 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.

Graphic on bank earnings - here   Continued...