{"id":379776,"date":"2011-04-13T17:01:51","date_gmt":"2011-04-13T17:01:51","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/"},"modified":"2011-04-13T17:01:51","modified_gmt":"2011-04-13T17:01:51","slug":"stocks-erase-gains-as-jpmorgan-slips","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/","title":{"rendered":"Stocks erase gains as JPMorgan slips"},"content":{"rendered":"<p><div readability=\"132.51998162609\">    <!-- KEEP --><a href=\"http:\/\/money.cnn.com\/data\/us_markets\/index.html\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/04\/fbe149a3dow1pm.top_.png.png\" alt=\"stock market\" width=\"475\" height=\"280\" border=\"0\" class=\"cnnstoryImageFull\" \/><\/a><span><b>Click chart for more market data.<\/b><\/span><span id=\"fb-recommend\"\/><br \/>\n<span>By <a href=\"mailto:hibah.yousuf@turner.com\">Hibah Yousuf<\/a>, staff reporter<\/span><span>April 13, 2011: 1:01 PM ET<\/span><!--startclickprintexclude--><br clear=\"all\"\/><\/p>\n<p>NEW YORK\u00a0(CNNMoney) &#8212; U.S. stocks erased early gains Wednesday afternoon as investors weighed JPMorgan Chase&#8217;s solid quarterly profit against the bank&#8217;s downbeat comments. <\/p>\n<p>With three hours left in the session, the Dow Jones industrial average (<a href=\"http:\/\/money.cnn.com\/quote\/quote.html?symb=INDU&#038;source=story_quote_link\">INDU<\/a>) was down 28 points, or 0.2% and the S&#038;P 500 (<a href=\"http:\/\/money.cnn.com\/quote\/quote.html?symb=SPX&#038;source=story_quote_link\">SPX<\/a>) fell 4 points, or 0.3%. The Nasdaq (<a href=\"http:\/\/money.cnn.com\/quote\/quote.html?symb=COMP&#038;source=story_quote_link\">COMP<\/a>) remained in positive territory, but was only up 3 points, or 0.1%. <\/p>\n<p>&#8220;There are still a lot of unknowns that are keeping the market stuck in a tight trading range,&#8221; said Paul Mendelsohn, president and chief investment strategist at Windham Financail Services.<\/p>\n<p>Investors initially cheered better than-expected profit and revenue figures from JPMorgan Chase (<a href=\"http:\/\/money.cnn.com\/quote\/quote.html?symb=JPM&#038;source=story_quote_link\">JPM<\/a>, <a href=\"http:\/\/money.cnn.com\/magazines\/fortune\/fortune500\/2010\/snapshots\/2608.html?source=story_f500_link\">Fortune 500<\/a>), the first major bank to report first-quarter results. <\/p>\n<p>But the enthusiasm was tempered by JPMorgan CEO Jamie Dimon&#8217;s comments that <a href=\"http:\/\/finance.fortune.cnn.com\/2011\/04\/13\/mortgage-mess-weighs-on-jpmorgan-chase\/\">mortgage-related losses<\/a> would continue for some time, and a warning that investors should not expect additional dividend increases beyond the 25 cents set for this quarter. Shares of the bank slid more than 1% following the comments.<\/p>\n<p>&#8220;Investors are focusing on earnings, but what they&#8217;re really looking for is a positive outlook for the future,&#8221; said Paul Mendelsohn, president and chief investment strategist at Windham Financail Services. &#8220;We want to see companies beat expectations, but if they keep adding a &#8216;but&#8217; clause, that will put a lid on the market.&#8221;<\/p>\n<p>Other bank stocks that had been up earlier in the session also turned lower, with Bank of America (<a href=\"http:\/\/money.cnn.com\/quote\/quote.html?symb=BAC&#038;source=story_quote_link\">BAC<\/a>, <a href=\"http:\/\/money.cnn.com\/magazines\/fortune\/fortune500\/2010\/snapshots\/2580.html?source=story_f500_link\">Fortune 500<\/a>) falling more than 1%. Wells Fargo (<a href=\"http:\/\/money.cnn.com\/quote\/quote.html?symb=WFC&#038;source=story_quote_link\">WFC<\/a>, <a href=\"http:\/\/money.cnn.com\/magazines\/fortune\/fortune500\/2010\/snapshots\/2578.html?source=story_f500_link\">Fortune 500<\/a>) and Morgan Stanley (<a href=\"http:\/\/money.cnn.com\/quote\/quote.html?symb=MS&#038;source=story_quote_link\">MS<\/a>, <a href=\"http:\/\/money.cnn.com\/magazines\/fortune\/fortune500\/2010\/snapshots\/3515.html?source=story_f500_link\">Fortune 500<\/a>) were also under pressure.<\/p>\n<p>Mendelsohn added that investors are also going to be cautious as they await President Obama&#8217;s speech on his long-term deficit reduction plan set for Wednesday afternoon. <\/p>\n<p>&#8220;The government only has a few weeks before lawmakers have to <a href=\"http:\/\/money.cnn.com\/2011\/04\/10\/news\/economy\/debt_ceiling_fight\/index.htm\">debate to raise the debt ceiling<\/a>, but investors are afraid that there could be a deadlock,&#8221; Mendelsohn said. &#8220;They&#8217;ll put some protections in place instead of waiting to see how how this game will play out.&#8221;<\/p>\n<p><a href=\"http:\/\/money.cnn.com\/2011\/04\/12\/markets\/markets_newyork\/index.htm\">U.S. stocks finished lower Tuesday<\/a>, with all three major indexes losing about 1%, as a 3% drop in oil prices sparked a sell-off in energy stocks, and Alcoa&#8217;s sales disappointment weighed down the Dow.<\/p>\n<p><a href=\"http:\/\/money.cnn.com\/news\/economy\/index.html\"><b>Economy:<\/b><\/a>  Economists are continuing to scan the latest data for the domino effect of rising prices on other areas of the economy.<\/p>\n<p>Before the market opened, the government reported <a href=\"http:\/\/money.cnn.com\/2011\/04\/13\/news\/economy\/retail_sales_march\/index.htm\">retail sales rose 0.4% in March<\/a>. The number was slightly below forecasts. Stripping out gas, retail sales were only up 0.1% for the month.<\/p>\n<p>&#8220;Clearly, higher commodity prices are factoring into higher retail sales,&#8221; said Aichi Amemiya, economist with Nomura Securities.<\/p>\n<p>Retail sales for the prior two months were revised significantly higher &#8212; causing Nomura to raise its daily revised estimates for first-quarter growth to 2.3%, from 2.1% before.<\/p>\n<p>A separate government report showed that business inventories rose 0.5% in February, slightly below forecasts. <\/p>\n<p>In the afternoon, the Federal Reserve will release its Beige Book. The report is a collection of regional observations on the U.S. economy by the Federal Reserve&#8217;s 12 regional banks.<\/p>\n<p><a href=\"http:\/\/money.cnn.com\/news\/companies\/\"><b>Companies<\/b><\/a>: Shares of Tyco International (<a href=\"http:\/\/money.cnn.com\/quote\/quote.html?symb=TYC&#038;source=story_quote_link\">TYC<\/a>) fell 1.8%, after French company Schneider Electric denied reports that it is trying to buy the Swiss manufacturing conglomerate for $30 billion.<\/p>\n<p><a href=\"http:\/\/money.cnn.com\/data\/world_markets\/europe\/\"><b>World markets:<\/b><\/a> European stocks ended higher. Britain&#8217;s FTSE 100 and France&#8217;s CAC 40 rose 0.8%, while the DAX in Germany added 1.1%.<\/p>\n<p>Asian markets ended higher. The Shanghai Composite rose just under 1%,  the Hang Seng in Hong Kong added 0.7% and Japan&#8217;s Nikkei rose 0.9%.<\/p>\n<p><a href=\"http:\/\/money.cnn.com\/data\/currencies\/index.html\"><b>Currencies<\/b><\/a><b> and <a href=\"http:\/\/money.cnn.com\/data\/commodities\/index.html\">commodities:<\/a><\/b> The dollar fell against the euro and the British pound, but rose against the Japanese yen.<\/p>\n<p>Oil for May delivery fell 65 cents to $105.60 a barrel. <\/p>\n<p>Gold futures for June delivery fell 60 cents to $1,453 an ounce. <\/p>\n<p><a href=\"http:\/\/money.cnn.com\/data\/bonds\/index.html\"><b>Bonds<\/b><\/a><b>:<\/b> The price on the benchmark 10-year U.S. Treasury rose, pushing the yield down to 3.48% from 3.50% late Tuesday. \u00a0<a href=\"http:\/\/money.cnn.com\/2011\/04\/13\/markets\/markets_newyork\/index.htm?section=money_topstories&#038;utm_source=feedburner&#038;utm_medium=feed&#038;utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29#TOP\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/i.cdn.turner.com\/money\/images\/bug.gif\" alt=\"To top of page\" border=\"0\" width=\"7\" height=\"7\" \/><\/a><\/p>\n<p>First Published: April 13, 2011: 9:45 AM ET<\/p>\n<p><!--endclickprintexclude--><\/div>\n<\/p>\n<p><img decoding=\"async\" src=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/04\/fbe149a3dow1pm.top_.png-150x150.png\" \/><\/p>\n<p>Read the rest here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/rss.cnn.com\/~r\/rss\/money_topstories\/~3\/i19GurQgUKg\/index.htm\" title=\"Stocks erase gains as JPMorgan slips\" rel=\"noopener noreferrer\">Stocks erase gains as JPMorgan slips<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> Click chart for more market data. By Hibah Yousuf , staff reporter April 13, 2011: 1:01 PM ET NEW YORK\u00a0(CNNMoney) &#8212; U.S. stocks erased early gains Wednesday afternoon as investors weighed JPMorgan Chase&#8217;s solid quarterly profit against the bank&#8217;s downbeat comments<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-379776","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Stocks erase gains as JPMorgan slips - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Stocks erase gains as JPMorgan slips - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Click chart for more market data. By Hibah Yousuf , staff reporter April 13, 2011: 1:01 PM ET NEW YORK\u00a0(CNNMoney) -- U.S. stocks erased early gains Wednesday afternoon as investors weighed JPMorgan Chase&#039;s solid quarterly profit against the bank&#039;s downbeat comments\" \/>\n<meta name=\"twitter:image\" content=\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/04\/fbe149a3dow1pm.top_.png.png\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Stocks erase gains as JPMorgan slips\",\"datePublished\":\"2011-04-13T17:01:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/\"},\"wordCount\":663,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/04\/fbe149a3dow1pm.top_.png.png\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/\",\"name\":\"Stocks erase gains as JPMorgan slips - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/04\/fbe149a3dow1pm.top_.png.png\",\"datePublished\":\"2011-04-13T17:01:51+00:00\",\"author\":{\"@id\":\"\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/#primaryimage\",\"url\":\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/04\/fbe149a3dow1pm.top_.png.png\",\"contentUrl\":\"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/04\/fbe149a3dow1pm.top_.png.png\"},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.ghanamma.com\/2011\/#website\",\"url\":\"https:\/\/www.ghanamma.com\/2011\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Stocks erase gains as JPMorgan slips - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/","twitter_card":"summary_large_image","twitter_title":"Stocks erase gains as JPMorgan slips - Ghanamma.com","twitter_description":"Click chart for more market data. By Hibah Yousuf , staff reporter April 13, 2011: 1:01 PM ET NEW YORK\u00a0(CNNMoney) -- U.S. stocks erased early gains Wednesday afternoon as investors weighed JPMorgan Chase's solid quarterly profit against the bank's downbeat comments","twitter_image":"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/04\/fbe149a3dow1pm.top_.png.png","twitter_creator":"@ghanamma","twitter_site":"@ghanamma","twitter_misc":{"Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/#article","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/"},"author":{"name":"","@id":""},"headline":"Stocks erase gains as JPMorgan slips","datePublished":"2011-04-13T17:01:51+00:00","mainEntityOfPage":{"@id":"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/"},"wordCount":663,"commentCount":0,"image":{"@id":"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/#primaryimage"},"thumbnailUrl":"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/04\/fbe149a3dow1pm.top_.png.png","inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/","url":"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/","name":"Stocks erase gains as JPMorgan slips - Ghanamma.com","isPartOf":{"@id":"https:\/\/www.ghanamma.com\/2011\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/#primaryimage"},"image":{"@id":"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/#primaryimage"},"thumbnailUrl":"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/04\/fbe149a3dow1pm.top_.png.png","datePublished":"2011-04-13T17:01:51+00:00","author":{"@id":""},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ghanamma.com\/2011\/04\/13\/stocks-erase-gains-as-jpmorgan-slips\/#primaryimage","url":"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/04\/fbe149a3dow1pm.top_.png.png","contentUrl":"http:\/\/www.ghanamma.net\/wp-content\/uploads\/2011\/04\/fbe149a3dow1pm.top_.png.png"},{"@type":"WebSite","@id":"https:\/\/www.ghanamma.com\/2011\/#website","url":"https:\/\/www.ghanamma.com\/2011\/","name":"Ghanamma.com","description":"News In Ghana - Latest Ghana News Headlines","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.ghanamma.com\/2011\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts\/379776","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/comments?post=379776"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/posts\/379776\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/media?parent=379776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/categories?post=379776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2011\/wp-json\/wp\/v2\/tags?post=379776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}