J.P. Morgan Giving Back Gains On Bloomberg Headline (JPM, WFC, BAC)

Shares of J.P. Morgan JPM, which reported strong earnings this morning, have come off of session highs after Bloomberg reported that credit default swaps have been rising on the debt of major financial institutions during the day. Furthermore, some investors are questioning the quality of JPM's earnings, a significant chunk of which came from changes to loss reserves. J.P. Morgan CDS rose 3.5 basis points to 84 basis points this morning. Wells Fargo WFC and Bank of America BAC saw their CDS rise 5.4 basis points and 6.5 basis points, respectively.