Wall Street

Wall Street skids as bank earnings disappoint

Published by
Reuters

By Amruta Khandekar (Reuters) – U.S. stock indexes tumbled on Thursday after weaker-than-expected earnings from big U.S. banks JPMorgan Chase & Co and Morgan Stanley underscored growing fears of a sharp economic downturn. The benchmark S&P 500 was heading for its fifth consecutive session of losses amid fears that aggressive measures by the Federal Reserve to control soaring prices could push the world’s largest economy into a recession. JPMorgan fell 4.3% after it reported a bigger-than-expected 28% fall in quarterly profit and suspended share buybacks as it set aside more money to cover pote…

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