Markets Flat at Opening
Stocks were flat or down this morning after yesterday's big surge.
Investors were cheering better-than-expected earnings from J.P. Morgan Chase and a Labor Department report showing that new unemployment claims dropped significantly last week.
On the other hand, the news from ailing lender CIT tempered any enthusiasm. The company said, "there is no appreciable likelihood," it will receive government support in the near future. Its troubles are viewed by some as a significant test of the economy.
J.P. Morgan Chase beat expectations by reporting a 36% rise in second-quarter net profit on strong investment-banking results. Those results followed news from Goldman Sachs Group that profits soared on record results in trading and stock underwriting.
--Peter Whoriskey
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Peter Whoriskey
|
July 16, 2009; 10:37 AM ET
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Posted by: Dermitt | July 16, 2009 11:14 AM | Report abuse
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CIT? "To my mind, the Treasury just threw a very large rock in the pool." Minyan Peter
Now the pool is full of rocks. Fire the lifeguards I guess. Stoners to be blunt about it.