Wall Street falls after JP Morgan $2 billing loss JPMorgan shares were down 9% in early trading on Wall Street. Don Emmert / AFP/Getty Images May 11, 2012, 7:14 a.m. NEW YORK - Stocks dropped right out of the gate following JPMorgan & Chase Co."s stunning disclosure that the bank lost $2 billion in "egregious" trading losses. The Dow Jones industrial average was down 25 points, or 0.2%, to 12,830 shortly after the opening bell. The broader Standard & Poor's 500 index was down 4 points, or 0.3%, to 1,355. The benchmark index for U.S. equity markets was dragged down by financial stocks, which were down 1.8%. Bank stocks were down 3.3%. JPMorgan's stock lost $3.76, plunging 9%, to $36.98 a share. After U.S. stock markets closed on Thursday, the investment bank disclosed a whopping $2-billion loss because of risky trades with the bank's money that backfired. JPMorgan said the bank could lose as much as $1 billion more from its Chief Investment Office. Bank of America Corp."s stock was down 15 cents, or 2%, to $7.55 a share. Some banks avoided the early selloff. Wells Fargo & Co. was up 33 cents, or 1%, to $33.55. The technology-focused Nasdaq index was initially down slightly but then was up 6 points, or 0.2%, to 2,940. U-T San Diego in talks to buy O.C. Register, CEO confirms JPMorgan stock plunges after hours on 'egregious' trading losses