While the aftermath of JPMorgan Chase's (JPM) disclosure late on Thursday of a $2 billion second-quarter trading loss continued, with executive changes at the company and additional reaction from analysts, concerns over Europe predominated.
Greek politicians continued to struggle to form a new government following elections over a week ago, putting years of European bailout efforts at risk and leading to increased fears of a massive sovereign default and a possible exit from the euro.
The KBW Bank Index (I:BKX) declined 3% to close at 45.20, with all 24 index components showing declines.Morgan Stanley's are down 5% year-to-date, following last year's 44% decline. The shares have pulled back 48% from their year-to-date closing high of $21.17 on March 26.
Philip van Doorn. To follow the writer on Twitter, go to http://twitter.com/PhilipvanDoorn.
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