NEW YORK, Jan. 15 (Xinhua) -- Wall Street fell Friday as JP Morgan Chase's report showed the bank was still struggling with its commercial banking sector and rising loan losses while posting soaring profits.

    JP Morgan Chase, the first big Wall Street bank to report results, said Friday its net profit soared to 3.28 billion U.S. dollars in the fourth quarter of 2009, much better than the market consensus. However, the bank's loan losses kept rising and total revenue fell below expectations, spurring concerns about the troubled industry and dragging fellow banks lower.

    Chips stocks were among the worst performers, which illustrated a typical situation of "selling on the news," meaning sell stocks after the good news finally came out. Intel, world's largest microchip maker, fell 3.17 percent to 20.80 dollars, after earnings and sales beat the average analyst estimates. The company posted fourth-quarter net profit of 2.3 billion dollars, or 40 cents a share, compared with 234 million dollars, or 4 cents a share, a year earlier.

    Meanwhile, crude oil futures declined for the fifth consecutive session and closed 1.8 percent lower at 77.95 dollars per barrel on the New York Mercantile Exchange, as the dollar extended gains against the euro. Energy shares, therefore, were pressured throughout the session.

    On economic data front, a report showing consumer confidence was still restrained amid high unemployment rates weighed on the market. The Reuters/University of Michigan preliminary index of consumer sentiment increased to 72.8 in January from 72.5 in prior month, less than economists forecasted.

    Separately, the Labor Department earlier reported the seasonally adjusted consumer price index rose just 0.1 percent last month while the core CPI, excluding volatile food and energy prices, increased by 0.1 percent in December. The figures were in line with expectations and indicated a soft economic recovery is keeping inflation contained.

    The Dow Jones fell 100.90, or 0.94 percent, to 10,609.65. Broader indexes were also mired in negative territory. The Standard & Poor's 500 index dropped 12.43, or 1.08 percent, to 1,136.03 and the Nasdaq was down 28.75, or 1.24 percent, to 2,287.99.

    U.S. market will be closed Monday for Martin Luther King Jr. Day.

JPMorgan Chase fourth quarter profit beats estimate

A man walks into the headquarters of JPMorgan Chase in New York, the United States, Jan. 12, 2010. JPMorgan Chase & Co. easily beat analysts' expectation by reporting a profit of 3.28 billion U.S. dollars in the fourth quarter last year, according to its earnings result released on Friday. (Xinhua/Shen Hong) Photo Gallery>>>

    NEW YORK, Jan. 15 (Xinhua) -- JPMorgan Chase & Co. easily beat analysts' expectation by reporting a profit of 3.28 billion U.S. dollars in the fourth quarter last year, according to its earnings result released on Friday. Full story

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