Colossal JP Morgan "LOSS" rattles U.S. futures
In this May 3, 2012, photo, trader Matthias Roberts, center, works on the floor of the New York Stock Exchange. Wall Street headed for a lower opening Friday May 11, 2012. Dow Jones industrial futures fell 0.4 percent to 12,780 and S&P 500 futures lost 0.4 percent to 1,351.70. (AP Photo/Richard Drew)
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NEW YORK— U.S. stock futures fell Friday, led by the financial sector in the wake of huge losses at J.P. Morgan on trading bets gone wrong.
Dow Jones industrial average futures fell 91 points to 12,743. Standard & Poor’s 500 futures fell 10.9 points to 1,347.00. Nasdaq composite index futures slid 15.25 points to 2,603.5.
All major U.S. indexes headed for weekly losses. However, as opposed to most of the week, the losses Friday were not being driven out of news from Europe.
A major blunder in the office that manages risk for JPMorgan brought the focus back to the U.S. and it was troubling news from Wall Street that rattled indexes worldwide.
Germany’s DAX fell 0.6 percent to 6,476.43. The CAC-40 in France dropped 1.3 percent to 3,089.2 and Japan’s Nikkei 225 index fell 56.34 points to 8,953.31. MORE http://www.suntimes.com/business/12464830-420/colossal-misstep-at-j...
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