Pursuits
S&P 500 Falls to Two-Month Low as Banks Tumble on JPMorgan Loss
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U.S. stocks fell, sending the Standard & Poor’s 500 Index to a two-month low, as a slump in banks driven by JPMorgan Chase & Co.’s $2 billion trading loss overshadowed an increase in a gauge of consumer confidence.
Financial shares, which comprise 15 percent of the S&P 500, slid 1.2 percent for the biggest drop among 10 groups. JPMorgan sank 9.3 percent as Chief Executive Officer Jamie Dimon said the lender made “egregious” mistakes and trading losses were “self inflicted.” More than 216 million JPMorgan shares traded, breaking the prior one-day record set in 2008. Commodity shares slumped as China’s industrial production grew the least since 2009, spurring concern demand for raw materials will wane.