New York (
J.P. Morgan Chase & Co
was the biggest loser in the financial sector Monday prior to the
Federal Reserve Board's
announcement on interest rates Tuesday afternoon.
The stock also wavered after
The Wall Street Journal
reported that the bank, along with
, would be subpoenaed by New York Attorney General Andrew Cuomo for, "predatory health care lending." J.P. Morgan's stock fell 1.53%, to $39.82. Citigroup's stock, on the other hand, was up .49% at $4.08.
Marshall & Ilsley Corp.'s
( MI) also took a .98% hit. The stock was trading at $7.07 a share.
shares traded up .29%, at $80.70 a share, after results released late Friday revealed that its second-quarter profit fell 40% due to $1.4 million in losses on derivative contracts and equity investments.
Other financial losers included
Bank of America
. Bank of America shares were trading down .36% at $13.91. Morgan Stanley shares were in the red by .72%, trading at $27.45 per share.
On the positive side,
shares were up 2.13%, at $22.07, after it posted a quarterly net loss of $244.7 million.
also gained 2.59%, to $19.82 per share.
gained 2.57%, or $7.59 a share.
American Interational Group
shares traded up 1.73%, to $41.64 a share, after the insurer reported second quarter results last Friday that led analysts to predict the divestment of more business units in order to repay the government.
Written by Maria Woehr in New York
More on Financials Banking on Upcoming Mergers