Additionally, many investors blame lead underwriter (MS) and as such,Morgan Stanley’s stock price has dropped this week to $13.24, down 43% year-to-date.
In the wake of its more than $2 billion in trading losses, J.P. Morgan Chase, down 1.44% today, is expected to change its risk policy committee in the coming days. Reportedly, the change was in the works before the company on disclosed losses tied to wagers on corporate-credit indexes placed by a unit called the Chief Investment Office, which included a trader who has been called the London whale for his market-moving bets.
Overall, the markets were mixed today and finished flat, only slightly negative. The DOW, Nasdaq, and S&P all finished negative but none were down more than a quarter of a percent. The price of crude oil finished up .15% and gold futures were up .94%
Thomas Doherty is an undergraduate student at Villanova University majoring in Finance and Economics. For comments and questions, email Thomas@KeeneOnTheMarket.com