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Wall Street drops as JPMorgan, Citi, Wells Fargo erase pre-market gains

The S&P 500 banks index was down 1.98 percent


Wall Street major indexes fell on Friday morning, erasing all their gains coming out of the opening bell as JPMorgan led a sharp reversal in financial stocks. JPMorgan dropped 1.7 percent after its profit missed estimates as lower investment banking revenue offset gains from higher interest rates and a jump in trading revenue. Shares of Wells Fargo also shed premarket gains to drop 2.9 percent after the bank said it may have to pay a penalty of $1 billion to resolve investigations. Citigroup also reversed course to trade 1.8 percent lower after its results. The S&P 500 ...

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First Published: Fri, April 13 2018. 21:54 IST