NEW YORK, Aug. 12 (Xinhua) -- Wall Street pulled back Tuesday for the first time in three days, as JPMorgan Chase & Co. rekindled investors' concerns about the financial sector after reporting larger-than-expected losses.
JPMorgan said late Monday it has incurred wider losses in its mortgage holdings in the third quarter than in the second quarter .The company said that it has lost 1.5 billion U.S. dollars since July due to the troubles in the credit markets, comparing with losses of 1.1 billion dollars in the second quarter. JPMorgan tumbled nearly 10 percent Tuesday.
Adding to jitters about financials, Goldman tumbled as DeutscheBank AG downgraded its rating to "hold" from "buy" and Oppenheimer & Co. reduced earnings estimates for the biggest U.S. securities firm.
Moreover, Wachovia, the fourth-largest U.S. bank, increased the loss to 9.11 billion dollars from 8.86 billion dollars for the second quarter. Wachovia took a dive, slipping 12 percent.
Light, sweet crude fell to 113.01 dollars a barrel on the New York Mercantile Exchange, but the decline failed to boost stocks, as selling pressure from financials weighed on the market.
The Dow Jones fell 139.88, or 1.19 percent, to 11,642.47. Broader indexes also went lower. The Standard & Poor's 500 index fell 15.73, or 1.21 percent, to 1,289.59; and the Nasdaq dipped 9.34, or 0.38 percent, to 2,430.61.
