Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

JPMorgan Chase & Co. (JPM), Bank of America Corp (BAC): Shares Rise Despite More Problems for Two Major Banks

Although we don’t believe in timing the market or panicking over daily movements, we do like to keep an eye on market changes — just in case they’re material to our investing thesis.

With just about an hour left in the trading day, the Dow Jones Industrial Average was up almost 50 points for the day after trading higher for the majority of the session. But when the closing bell rang, the index sat lower by 7.75 points, or 0.05%. Despite the Dow’s poor ending, though, the other two major indexes did both move higher, with the S&P 500 gaining 0.38% and the Nasdaq 0.68%.

Sentiment overall was good today on Wall Street as investors were given some upbeat news about the economy and consumer spending after a few big retailers reported earnings this morning. But those positive feelings and a few big winners on the big board weren’t enough to hold the blue-chip average up. Let’s take a brief look at some of those winners today.

Shares of Bank of America Corp (NYSE:BAC) rose 0.99% today even after reports that an intern in the company’s London office was found dead last week in his home. While it is still unknown what caused the 21-year-old’s death, many news outlets used this as a reason to call for reform of the overall culture within the financial industry.  This incident may again put Bank of America Corp (NYSE:BAC) back in the crosshairs of federal regulators and the long arm of the law, after JPMorgan Chase & Co. (NYSE:JPMdid such a great job of taking the heat from investigators and the press for the past few days.

Jamie Dimon

JPMorgan has been in the limelight lately, with the most recent being the announcement that two former employees involved in the London Whale incident were being indicted, new criminal probes into the company’s involvement with mortgage-backed securities, and then news on Sunday that the bank may have received contracts because of jobs the bank gave to two Chinese officials. These recent problems pushed JPMorgan Chase & Co. (NYSE:JPM)’s spokesman Joe Evangelisti recently to say, “We are committed to making sure that our business systems, practices, controls and culture meet the highest standards. This is our top priority.” That comment and the trust many investors put in CEO Jamie Dimon’s ability to get the bank cleaned up may have been the reason shares rose 0.56% today.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.