Fed, JPMorgan Worries, Weigh on Stocks
NEW YORK ( TheStreet) -- Major U.S. stock markets were slipping Monday driven by worries over the wider implications for companies exposed to China amid the regulatory scrutiny of JPMorgan Chase's (JPM) business practices in the country and uncertainty over the timing of the Federal Reserve's tapering process.
JPMorgan shares declined 2.7% to $51.83. The Securities and Exchange Commission's anti-bribery unit has opened an investigation into the practices of JPMorgan Chase in China, The New York Times reported. The Times, citing a confidential U.S. government document, said the inquiry centered on whether the bank had hired the children of Chinese officials to help it gain business in China.
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