Stocks open lower on bank earnings worries

By Patrick Rizzo

Stocks opened lower on Wall Street Thursday as investors fretted?about financial industry profits and the global economy.

JPMorgan, the first of the major banks to post third quarter results, reported an almost 4 percent drop in profits in the three tumultuous months ending Sept. 30.

Meanwhile, China reported that its trade growth slowed in September, raising worries that the weak economic recovery in the U.S. and the European debt crisis are beginning to stall?global economic growth.

Investors mostly shrugged off news that jobless claims were mostly flat in the latest week, although the four-week moving average, which gives a more accurate picture of the labor market, dropped. The U.S. trade gap?shrank slightly to $45.6 billion in August from a revised?$45.63 billion?in July. The?trade gap with China hit $29 billion, an all-time high, however.

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Source: http://bottomline.msnbc.msn.com/_news/2011/10/13/8302342-wall-street-opens-lower-on-bank-earnings-worries

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