Market Minute: JPMorgan Earnings Take a Hit; Markets Root for Shutdown's End

A big sigh of relief for investors, and two banking giants post earnings. Those stories and more are what's in Friday's Market Minute.

The Dow Jones industrial average (^DJI) soared 323 points Thursday, the biggest gain this year, on signs the stalemate in Washington may be breaking apart. The Standard & Poor's 500 index (^GPSC) jumped 36 and the Nasdaq composite index (^IXIC) rose 82 points.

jpmorgan ceo jamie dimon earnings season banks
Chris Ratcliffe/Bloomberg via Getty ImagesJPMorgan Chase CEO Jamie Dimon
Earnings season is heating up. JPMorgan Chase (JPM) posted a big quarterly loss due to $9 billion in charges for legal costs and reserves. Without those items, JPMorgan's operating net easily topped Wall Street expectations. Chairman Jamie Dimon says he expects legal costs to remain volatile over the next several quarters, before stabilizing.

Wells Fargo (WFC) says its earnings rose 13 percent on lower expenses, even as its lucrative mortgage business slowed from a year ago. The results beat Wall Street estimates.

And another big bank, SunTrust Banks (STI), is taking charges totaling $1.2 billion to settle legal claims related to mortgage securities.

The supermarket chain Safeway (SWY) easily beat expectations. The company also says it plans to leave the Chicago market, where it operates 72 stores under the Dominick's brand.

Micron Technology's (MU) net fell short of expectations, but the chipmaker issued an upbeat outlook, helped by a recent acquisition.

And the retailer Gap (GPS) posted a 3 percent drop in a key measure of sales last month. Its shares are set to drop.

BP and Toyota Motor both won big victories in court. A jury found BP (BP) was negligent in allowing toxic gas to leak out from a Texas City plant in 2010. But the jury said the plaintiffs in the case weren't due any compensation. They had sought billions of dollars, but BP argued that they didn't suffer serious harm.

And a jury in California found that Toyota (TM) wasn't liable for the death of a woman killed when her Camry crashed after accelerating unexpectedly. The jury said the vehicle's design wasn't at fault. This case is considered a bellwether for other cases of unintended acceleration.

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Sekinu2

No tears for Dominicks leaving. the store i way overpriced and usually trashy inside. most of the ones in the suburbs closed long ago since they cant compete due to overpriced non quality good similar to Cub Foods. More Jewels the better.

October 11 2013 at 7:45 PM Report abuse rate up rate down Reply
jshu96

The arrogant Jamie Dimon will probably get a raise.

October 11 2013 at 6:34 PM Report abuse rate up rate down Reply
Danny

My heart crys cos the big bankers had a loss. Boo boo Let the world stop turning til they find out a way to steal the difference

October 11 2013 at 2:07 PM Report abuse rate up rate down Reply
heldt666

Take a good look at Jamie Dimon's face, would you trust him with even $1.00 of your money?

October 11 2013 at 1:26 PM Report abuse rate up rate down Reply
1 reply to heldt666's comment
arjohny

yes i would. but the pose reminds me more of oblather's arrogant chin always stuck up in the air . . . similar to that of mussolini's typical stance with arms crossed.

October 11 2013 at 2:46 PM Report abuse rate up rate down Reply
mac2jr

America lost its lead in electronics, automobiles, steel, ship building, railroad, etc. all Due to POOR MANAGEMENT and the GREED of Management and the Stock Market Investors. When you do not pump money back into your business to improve, innovate, update, educate, etc., you lose.

October 11 2013 at 12:06 PM Report abuse +2 rate up rate down Reply
1 reply to mac2jr's comment
chuckcelt

It's interesting that the decline of American business coincides with the rise in the number of MBA'a graduating out of the business schools as well.

October 11 2013 at 1:52 PM Report abuse rate up rate down Reply
mac2jr

"Obamacare was also cited as part of the reason -- businesses cannot afford the high costs of Obamacare."

----------------------------
The PP&ACA was a Republican Created ACT... It was started by G. Washington, and improved upon by R.M. Nixon and M. Romney. IT was finalized over 9 months by 3 D and 3R in committee, and reviewed by all our Congress and their lawyers and aids, then approved by the SC and the President.

Corporate America at the urging of the Republicans are USING IT as an EXCUSE to eliminate benefits, break unions, and pump up CEO salaries and Corporate Profits. PERIOD.....

October 11 2013 at 11:59 AM Report abuse +2 rate up rate down Reply
toosmart4u

We had two dictators, called bush and chaney. President Obama is cleaning up their mess.

October 11 2013 at 11:45 AM Report abuse +1 rate up rate down Reply
1 reply to toosmart4u's comment
ghbootman3

some people, like you, are so freakin stupid...

October 11 2013 at 11:47 AM Report abuse -2 rate up rate down Reply
ndanaw

The PC way to say last one out turn off the lights, do you really think Safeway would damage their brand by admitting the real reason they are bailing out? If you do your think again.

October 11 2013 at 11:15 AM Report abuse rate up rate down Reply
1 reply to ndanaw's comment
mac2jr

Real reason, poor meats, high prices, older stores that need millions in remodeling due to neglect and not pumping profits back into the stores.

October 11 2013 at 11:48 AM Report abuse +1 rate up rate down Reply
teaparty2implode

David H. Koch was a Libertarian Vice-Presidential candidate in 1980. He advocated the abolition of Social Security, the FBI, the CIA, and public schools

They've been called "the nation's most prominent funders of efforts to prevent curbs on fossil-fuel burning".

http://en.wikipedia.org/wiki/Political_activities_of_the_Koch_brothers

But it gets worse:

The Koch Brothers' father, Fred Koch, was one of the founding members of the John Birch Society.

They opposed the Civil Rights Act of 1964, claiming it violated the Tenth Amendment and overstepped individual states' rights to enact laws regarding civil rights

In 1962, William F. Buckley, Jr. conservative giant, denounced the John Birch Society as "far removed from common sense

BUT MOST IMPORTANT TO THE CURRENT CRISIS:
The Society has been active in supporting the auditing of, and aims to eventually dismantle, the Federal Reserve System.] The JBS believes that the United States Constitution gave only Congress the ability to coin money, and did not intend for it to delegate this power, or to transform it into a fiat currency not backed by gold or silver.

THIS IS WHY THAT PROPOSAL BOEHNER GAVE THE PRESIDENT HAD A PROVISION WHICH FORBADE THE TREASURY TO TAKE EXTRAORDINARY MEASURES IF WE DEFAULT. THIS WAS THEIR PLAN ALL ALONG.

I wish I lived in a country where posting this sort of stuff was unnecessary because people actually researched and read for themselves. The Koch Brothers worship one god-themselves.

October 11 2013 at 10:52 AM Report abuse +2 rate up rate down Reply
dhartson

Who wants to run a business in Chicago??? Can you blame them?

October 11 2013 at 10:42 AM Report abuse +2 rate up rate down Reply
1 reply to dhartson's comment
mac2jr

So you are saying that the poor, the hungry, and those of the lower income grouping caused by the business community do not eat, need gasoline, need clothing, or any of the other 'necessities' that others need?

October 11 2013 at 11:50 AM Report abuse +1 rate up rate down Reply
1 reply to mac2jr's comment
wbearl

No I believe he is saying why run a business where taxes are high and lawlessness is out of hand.

October 11 2013 at 11:55 AM Report abuse -1 rate up rate down