Mediaboss Marketing

LONDON (ShareCast) - - Wall Street up on consumer sentiment - JP morgan plunges after $2bn trading error DOW (NYSE: DPD - news) : +0.3% S&P 500 (SNP: ^GSPC - news) : +0.35% NASDAQ (Nasdaq: ^NDX - news) : +0.62% Wall Street was up in afternoon trading despite an early slump following a massive trading error at JP Morgan. The $2bn loss at JP Morgan has seen the stock slump 7.9% after what the company's boss, Jamie Dimon, described as "egregious mistakes". Other financial stocks were affected by JP Morgan's misfortune, including Goldman Sachs (NYSE: GS - news) (-5.5%). More broadly the picture was positive with tech stocks doing well. Graphics chip maker Nvidia (Xetra: 918422 - news) climbed 7.9% after releasing better than expected sales forecasts. The internet television firm Netflix (NasdaqGS: NFLX - news) was also strong, gaining 6.8% through the morning. The market is benefiting from the preliminary reading of the University of Michigan-Thomson Reuters (Toronto: TRI.TO - news) index which showed US consumer sentiment rose to its highest levels since January 2008. The index showed a reading of 77.8 for May, up from 76.4 the month before. BS

Original post:
US Midday: JP Morgan dives but most stocks up