Companies 0 See All
Hedge Funds 0 See All
Insiders 0 See All
Institutional Investors 0 See All
Click here to see all results for
News

JPMorgan Chase & Co. (JPM): Dimon Is the Dow Jones Industrial Average (.DJI)’s Best Friend Today

Published on May 21, 2013 at 1:00 pm by The Motley Fool in News

A second day of no economic news to speak of is taking its toll again on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI). Though the index was boosted early in trading, with gains topping out at 64 points, it has since fallen, waffling between gains and losses. Investors may be sending the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) mixed signals as they wait to hear Fed Reserve Chairman Ben Bernanke testify before Congress tomorrow. Luckily for the index, it’s got some support from within to push it higher.

Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI)

The Bernanke factor
During a lean week of economic news, it’s no wonder that Wall Street is waiting to hear what Bernanke says to Congress about the state of the economy. Speculation about the slowdown of the current stimulus policy is running rampant as more and more signs point to members of the Federal Open Market Committee being in favor of cutting back.

Though the recent FOMC meeting resulted in no changes to the current bond buyback policy, the meeting’s minutes and subsequent comments from members seem to be preparing investors for the inevitable slowdown — though no timeline has been provided. Since Bernanke is speaking with the Joint Economic Committee on the Hill tomorrow, the slightest hint of change may send the markets into a tizzy.

Inside the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI)

The Home Depot, Inc. (NYSE:HD) is up big this morning after reporting better-than-expected first-quarter earnings. Up 2.16% just after 11 a.m. EDT, the home improvement store said that its improved results are thanks to the rebounding housing market. Both revenue and earnings beat expectations, leading the retailer to increase its outlook for the remainder of the year. With a variety of housing market data coming out in the next two days, there may be bigger increases for The Home Depot, Inc. (NYSE:HD) if the positive trends of the market continue.
Travelers Companies Inc (NYSE:TRV) took a hit this morning following yesterday’s horrific tornado outside of Oklahoma City. The insurance company, along with many of its competitors, trended lower yesterday following the natural disaster. Since Travelers Companies Inc (NYSE:TRV) is one of the nation’s largest property and casualty insurance providers, the extent of the damage sustained yesterday may hurt second-quarter earnings. Rival American International Group Inc (NYSE:AIG) ranks higher in market share for P&C coverage, but both will have catastrophic losses to report in the coming weeks —

once the damage has been assessed.
JPMorgan Chase & Co. (NYSE:JPM) is helping offset some of the investor uncertainty surrounding the market these days, as preliminary tallies of the shareholder vote to split the CEO and chairman roles are being called in favor of Jamie Dimon keeping both titles. The bank is up 1.2% as of this writing, with many investors showing their confidence in the bank regardless of the vote. In the past five days, the bank has gained 5% while the vote was still up in the air. Though Dimon may keep both his jobs, some other directors may be booted from their positions on the risk management committee. With regulators pointing to oversight as the bank’s biggest weakness, this isn’t a surprise for JPMorgan Chase & Co. (NYSE:JPM)– which needs to demonstrate to shareholders that it can adjust when necessary to address problems.

The article Dimon Is the Dow’s Best Friend Today originally appeared on Fool.com is written by Jessica Alling.

Fool contributor Jessica Alling has no position in any stocks mentioned — you can contact her here. The Motley Fool recommends American International Group (NYSE:AIG) and Home Depot. The Motley Fool owns shares of American International Group and JPMorgan Chase and (NYSE:JPM) has the following options: Long Jan 2014 $25 Calls on American International Group.

Copyright © 1995 – 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Show more...Show less

Related Insider Monkey Articles
BB&T Corporation (BBT), JPMorgan Chase & Co. (JPM): This Great Bank Needs To...Bank of America Corp (BAC) Case Burns JPMorgan Chase & Co. (JPM)
Cisco Systems, Inc. (CSCO), Merck & Co., Inc. (MRK), The Coca-Cola Company (...American Express Company (AXP), Alcoa Inc (AA): Two Stocks Leading the Dow (....
Marriott International Inc (MAR), United Technologies Corporation (UTX): New...International Business Machines Corp. (IBM) News: Partnership With Rosetta,...