The Rout Continues in Japan, Chase CEO Puts Money Where Mouth is

The stock market rout in Japan continues today. The Nikkei fell nearly 5% at the start of trading before trimming those losses somewhat. The Japanese benchmark index is down 11% this week. Hong Kong's Hang Seng Index fell 1%. European stocks closed mixed after commodity companies rebounded. Gold prices are down slightly after hitting a 1 year high Thursday on financial instability and worry about banks. Meanwhile, JP Morgan Chase CEO Jamie Dimon is stepping in and showing confidence in the bank he runs. He is buying $26 million dollars worth of company stock. The 500,000 share purchase is designed to stem the ride of negative sentiment overwhelming banks this year, which have performed worst than the energy companies in 2016. Oil prices are jumping but are on track for a weekly loss.