NEW YORK, Aug. 12 (Xinhua) -- Wall Street opened lower Tuesday as JPMorgan Chase & Co. rekindled investors' concerns about the financial sector after reporting larger-than-expected losses.
JPMorgan said late Monday that it had incurred wider losses in its mortgage holdings in the third quarter than in the second. The company said it had already lost 1.5 billion U.S. dollars since July due to troubles in the credit markets, compared with a loss of 1.1 billion dollars in the second quarter.
Adding to jitters about financials, Goldman tumbled as Deutsche Bank AG and Oppenheimer & Co. reduced earnings estimates for the biggest U.S. securities firm. Moreover, losses at the fourth-largest U.S. bank, Wachovia, have risen to 9.11 billion dollars from 8.86 billion dollars in the second quarter.
The Dow Jones fell 72.05 to 11,710.30. Broader indexes also traded lower. The Standard & Poor's 500 index decreased 4.58 to 1,300.74; and the Nasdaq dipped 8.89 to 2,431.06.
