Financial stocks lead market lower $GOOG:xnas $TRV $AXP

  • Financials led the market lower after less than impressive results from JP Morgan saw a sell off in the sector. However resilience seen in tech stocks saw the broader market stand firm against some of the losses
  • Financial and industrial stocks led the losses on the S&P500 with JPM’s weaker earnings pushing the sector lower. As a result the stock fell 4.82% to $31.60. Other majors to pullback were BAC, Citi and MS which fell 5.5%, 5.3% and 4.4% respectively
  • Other stocks to lead the moves on the Dow overnight were TRV, AXP and GE which fell 1.92%, 1.49% and 1.10% respectively
  • Tech stocks were higher led by Google which reported a 29% jump in net profit as revenue surged higher. The stock responded by surging 6.55%
  • European officials continue to move towards a viable solution to the continents debt woes after the Slovakian parliament agreed to the EFSF
  • Dow Jones -0.35% S&P500 -0.30% NASDAQ 0.60%
  • USD was weaker against the EUR on EFSF news, AUD rallied to 1.0191
  • Gold and Spot Crude were weaker overnight on softer Chinese data
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