American Express Company (AXP), Bank of America Corp (BAC): Dow Jones Industrial Average (.DJI) Plummets on More Weak Labor Market News

JPMorgan Chase & Co. (NYSE:JPM) has been on a downward trend for the past few weeks, with continued scrutiny from federal investigators regarding its London Whale losses likely to incite a continued sense of uncertainty among investors. But the bank recently won a substantial victory in a court case that may help it avoid some other legal uncertainty in the future. The victory came in the form of a judge dismissing a large portion of the case, in which European bank Dexia charged that JPMorgan Chase & Co. (NYSE:JPM) knowingly sold it bad mortgage-backed securities before the financial crash. Though not all securities in question were thrown out of the lawsuit, 65 out of 70 should be considered a big win for the bank.

Bank of America Corp (NYSE:BAC) is always under the watchful eye of investors, which can sometimes lead to high volatility without much reason. But this week’s labor market disappointments have only stifled the bank a bit. Down only 0.17% as of this writing, Bank of America Corp (NYSE:BAC) is the winner of the financial losers. This week produced mixed news for the bank, with a tally in its win column for the rise in global investment banking fees, a settlement with the National Credit Union Administration over the sale of bad mortgages, and a court ruling against the bank in favor of insurer MBIA Inc. (NYSE:MBI). So far it seems that the good news is outweighing the bad, but Bank of America Corp (NYSE:BAC) investors should keep an eye out for the consumer credit report later this afternoon — it could hit the financials hard if the disappointing news trend continues.

The article Dow Plummets on More Weak Labor Market News originally appeared on Fool.com is written by Jessica Alling.

Fool contributor Jessica Alling has no position in any stocks mentioned, but you can contact her here. The Motley Fool recommends American Express. The Motley Fool owns shares of Bank of America and JPMorgan Chase & Co (NYSE:JPM).

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