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Financial Winners & Losers: WaMu

JPMorgan Chase is trading higher.

Financial stocks fell along with the broader market Friday as traders dealt with questions about the fate of the government's


package and the acquisition of

Washington Mutual

(WM) - Get Waste Management, Inc. Report


JPMorgan Chase

(JPM) - Get JPMorgan Chase & Co. (JPM) Report


WaMu was down more than 90% at 16 cents, while former competitor


(WB) - Get Weibo Corp Sponsored ADR Class A Report

was losing 21% at $10.80.


(C) - Get Citigroup Inc. Report

dropped 5% to $18.42, and

Morgan Stanley

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(MS) - Get Morgan Stanley (MS) Report

was giving back 7.5% to $25.06.

Among measures that track the group, the NYSE Financial Sector index was losing 1.7%, and the Amex Broker/Dealer index was lower by 0.4%. The KBW Bank index was falling 3.5%.

However, two banks who have benefited from the downfall of their competitors were gaining ground. WaMu's new owner, JPMorgan, which also bought

Bear Stearns

in March, was up 2.2% at $44.43.

Bank of America

(BAC) - Get Bank of America Corp Report

, which acquired



Merrill Lynch


this year, was gaining 4.2% at $35.82.

Meanwhile, traders continued to follow the news from Washington, where


was struggling to move forward with the $700 billion financial-sector bailout proposed by Treasury Secretary Henry Paulson. President Bush spoke earlier in the day and expressed confidence that lawmakers would soon reach an agreement.

This article was written by a staff member of