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Stock market inches higher despite bank slump

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Posted: May 11, 2012 11:02 AM
Source: Associated Press

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Topics: stock, economy, wall street, money, chase

Stocks are slightly higher at midday in spite of JPMorgan's surprise $2 billion trading loss, which has rattled shares of investment banks.

Shortly before noon Friday, the Dow Jones industrial average was up 37 points at 12,892.

The Standard & Poor's 500 index is up five points at 1,363. The Nasdaq composite index, which is heavily weighted with technology stocks, is up 21 points at 2,955.

Financial stocks are the only industry group that's down. JPMorgan stock has fallen more than 7 percent after it disclosed its massive trading losses, which raised worries that Washington will want tighter regulations for investment banks. Goldman Sachs, Morgan Stanley and Citigroup are all down around 3 percent.

Tech stocks are up, led by 2 percent gains for both Intel and Microsoft.

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