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NEW YORK (AP) — The stock market has started today's session as it finished yesterday, in a slide. Today, it's bank stocks dragging the market down after a weak earnings report from JPMorgan Chase. Technology and biotech stocks are continuing their fall too. The Dow dropped more than 100 points in the first hour of trading. The broader indexes are also down.
NEW YORK (AP) — Earnings reports from two big banks tell different stories in today. JPMorgan Chase says its first-quarter earnings fell, while Wells Fargo's profit soared. JP Morgan made $4.8 billion in the first quarter, after stripping out payments to preferred stockholders. That was down 20 percent from the same period a year earlier and falls short of analysts' estimate. Wells Fargo continued to trim its losses on soured loans and saw its profits surge 14 percent. On a per-share basis, earnings were $1.05, well above Wall Street forecasts.
WASHINGTON (AP) — Producer prices rose last month, though overall inflation remains relatively tame. The Labor Department says the producer price index, which measures price changes before they reach the consumer, rose 0.5 percent in March. Excluding the volatile categories of food, energy and retailer and wholesaler profit margins, core prices ticked up 0.3 percent.
NEW YORK (AP) — Sony is advising consumers to quit using some of its VAIO laptop computers and unplug them. The company says it's possible that the battery pack could overheat in some Vaio Fit 11A models released in February. The battery pack is not removable. The recall affects computers with the product name "SVF11N1XXXX."
NEW YORK (AP) — Subway says the ingredient that's come to be known as the "yoga mat" chemical should be entirely gone from its bread by next week. The ingredient is approved by the Food and Drug Administration and can be found in a variety of products. But a food blogger petitioned Subway to remove it, because of the chain's healthy food image.
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