US Markets Pushed Down By Weak JPM Revenues

Wall Street dipped lower today, after banking giant JP Morgan Chase (NYSE: JPM) topped the net income forecasts. The reasons for JPM's failure were below consensus revenues and an addition of $1.9 billion to the loan loss reserves.

Tepid response to JP Morgan results were somewhat mitigated by the Labor Department report. The report indicated that a rise in consumer prices had been slower-than-expected in December, reflecting restrained inflation.

In afternoon trading, the Dow Jones industrial average had slipped by 136 points or 1.27% and the broader Standard & Poor’s 500-stock index had fallen by 15.65 points, or 1.3%. The Nasdaq, despite a stronger quarter from chipmaker Intel (NASDAQ: INTC), shed 22.72 points, or 1.5%.