TOP STORIES
US STOCKS TUMBLE, END WITH YEAR'S BIGGEST WEEKLY DECLINES
Stocks fall sharply, capping this year's biggest weekly
declines, after disappointing economic data from China and rising
borrowing costs in Spain damp sentiment. DJIA declines 136.99
points to 12849.59.
US CONSUMER PRICES RISE 0.3%; CORE CPI UP 0.2%
U.S. consumer-price growth slows a bit in March, as energy
inflation decelerates from the breakneck pace earlier this year.
Consumer prices rise 0.3%, slightly more than expected but down
from February, while core prices rise 0.2%, in line with
estimates.
JP MORGAN'S REVENUE UP, PROFIT HURT BY LEGAL COSTS
The banking giant's 1Q profit dips to $5.38 billion due to legal
expenses and debt-related charges. However, revenue improves 6.3%
to $27.42 billion as demand for new loans increases and capital
market activity improves. Shares down 1%.
WELLS FARGO NET UP 13% ON STRONG MORTGAGE BANKING
Largest U.S. mortgage lender says 1Q profit rises to $4.25
billion, or 75c a share, topping estimates, on better-than-expected
revenue growth with help from strong mortgage banking. Credit-loss
provisions fall to $2 billion. Shares fall 2%.
CHINA GROWTH SLOWS, SOFT LANDING COMPLICATED
China's 1Q economic growth slows to a lower-than-expected 8.1%,
as a slowdown in exports and real estate investment complicates
China's efforts to guide its economy to a soft landing.
BERNANKE STRESSES IMPORTANCE OF REGULATION
The cause of the financial crisis stemmed from breakdowns in
markets and regulation, Fed Chairman Ben Bernanke says, leaving the
central bank to now closely monitor any spillover effects from the
current easy-money policy.
SPANISH BANKS' ECB BORROWING HITS NEW HIGH
Spanish bank borrowing from the ECB surges to new highs in
March, the latest sign that skittish international investors have
left the euro zone's fourth-largest economy at the mercy of ECB
funding.
GOLDMAN SACHS CEO'S 2011 PAY VALUED AT $12M
Goldman Sachs Chairman and Chief Executive Lloyd Blankfein's
total compensation for 2011 falls 35.5% to $12 million as the
securities firm has its least profitable year since the depths of
the financial crisis.
TREASURY TO DELAY CURRENCY REPORT
The Treasury Department says it will delay the publication of
its semi-annual currency report to Congress until after upcoming
diplomatic talks with China and next week's meeting of the
International Monetary Fund.
US WANTS TO QUESTION INCOMING J&J CEO IN KICKBACK CASE
Justice Department asks a federal judge to compel incoming
Johnson & Johnson CEO Alex Gorsky to undergo questioning as
part of a lawsuit accusing J&J of paying illegal kickbacks to a
nursing-home pharmacy operator.
GROUPON REPLACES INTERNATIONAL CHIEF
Online-coupon provider names Austrian Veit Dengler senior vice
president of international operations, tapping new blood to head
its overseas business that already accounts for well over half of
Groupon's revenue.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
BIG PICTURE
Looks Can Be Deceiving On Growth And Inflation
When Federal Reserve officials meet April 24-25 to set policy,
investors and economists expect that one big topic will be another
round of quantitative easing, or QE3, writes Kathleen Madigan.
ANALYSIS
Bank Results Suggest Mortgages Are On Mend
In the kick-off to a week of first-quarter bank earnings
reports, results from two industry heavyweights -- J.P. Morgan
Chase and Wells Fargo -- show strong gains in their mortgage lines,
Christian Berthelsen writes.
============ U.S. MARKETS ACTION ===========
DJIA down 136.99 points to 12849.59
NASDAQ down 44.22 points to 3011.33
S&P 500 down 17.31 points to 1370.26
10-year T-note 100 03/32 at 1.9861 yield
NYMEX Crude down $0.81 at $102.83/bbl at close
Dollar/Euro down 0.1060 at 1.30800