Market Round-Up (JPM, DB, C, UBS, MHS)

US financial stocks flipped today as authorities expanded their probe into the mortgage-backed securities matter and included other banks namely, JP. Morgan & Chase & Company JPM, Citigroup Inc C, Deutsche Bank AG DB and UBS AG UBS into their investigations. By 3:10 pm, JPM was down 1.51%, C had lost 1.56%, DB had plunged 2.71% and UBS had shed 1.94%. In contrast, Morgan Stanley MS broke its two-day losing streak and climbed 1.29% to $28.16 by 3:04 pm. Crude-oil futures settled lower today, ending in the negative territory for the sixth session out of the past seven sessions and dropping to their lowest level in almost three months. Losses were led by worries over European economic stability, which negatively impacted the euro and helped lift the US dollar. The most active contract was crude for the June delivery, which dropped 1.7% to $74.40 a barrel on the New York Mercantile Exchange (NYMEX). Crude oil prices plunged nearly 14% since it peaked in early April. The Senate, in response to the federal and state investigations into conflicts of interest at financial institutions and credit-rating agencies, approved new regulations for raters. According to the new rules, a clearinghouse intermediary would be created to assign credit raters for banks' structured finance securities to avoid conflicts. Medco Health Solutions MHS announced that its board of directors has approved the buy back of up to $3 billion shares. MHS has repurchased more than 208 million shares ever since it instituted its first buyback program in 2005. MHS was trading at $59.51, up 1.17% at 3:15 pm. Read more from Benzinga's Markets.