The biggest US bank by assets tumbled 6.7% after the close of regular trading, as chief executive Jamie Dimon said in an extraordinary conference call with analysts at 5 p.m. EDT that the bank made egregious mistakes and that trading losses were 'self inflicted'. Bank of America shares lost 2.6%, Citigroup retreated 3.6%, Goldman Sachs slipped 2.3%, Morgan Stanley slumped 2.9% and Wells Fargo & Co. lost 1.9%.
The news also resulted in a 0.7% slump in Standard & Poor’s 500 Index futures expiring in June to 1,347.70 at 9 a.m. Tokyo time on Friday. Dow Jones Industrial Average futures fell 80 points, or 0.6%, to 12,754.
On Thursday, the Dow Jones industrial average rose 20 points, or 0.16%, to close at 12,855. The Standard & Poor's 500 Index added three points, or 0.25%, to end at 1,358. But the Nasdaq Composite Index declined one point, or 0.04%, to close at 2,934.
Dow jones Index technical outlook may 11 2012
Today's support: - 12802.50(main), where a delay and correction may happen. Break of the latter will give 12782.80, where correction also can be. Then follows 12756.43. Be there a strong impulse, we shall see 12729.30. Continuation will bring 12711.50 and 12690.00.
Today's resistance: - 12967.36 and 12965.60(main), where a delay and correction may happen. Break would bring 12983.08, where a correction may happen. Then follows 13007.20, where a delay and correction could also be. Be there a strong impulse, we'd see 13034.12. Continuation would bring 13062.47, 13096.70 and 13140.00.
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