Mall stores participating in job fair
More than a dozen stores will participate in a job fair Saturday from 11 a.m. to 4 p.m. at the Wyoming Valley Mall in Wilkes-Barre Township.
The jobs are mostly seasonal help for the holidays. Participating stores will have tables at their entrances. Call the mall at 570-823-1224 for more details.
Legal costs push JPMorgan to loss
Mounting legal costs pushed JPMorgan Chase to a rare loss in the third quarter, the first under the leadership of Jamie Dimon.
The largest U.S. bank by assets set aside $9.2 billion in the quarter to cover a string of litigation stemming from the housing crisis and the bank’s “London Whale” trading debacle.
JPMorgan said it has placed a total of $23 billion in reserve to cover potential legal costs, including the $9.2 billion.
In a conference call with reporters, CEO Dimon called the costs “painful,” but said they reflected “the reality we have to deal with.”
While JPMorgan emerged from the financial crisis and the Great Recession as one of the strongest U.S. banks, it has been dogged by legal problems in recent years.
Last month, it agreed to pay $920 million and admitted that it failed to oversee trading that led to a huge $6 billion loss last year. That episode came to be known as the “London Whale,” referring to the location of the trader who made those oversized bets.
Stocks rise as debt talks continue
The closer Washington gets to a deal over the debt ceiling, the higher stocks go.
Stock prices rose on Friday as investors bet against a U.S. debt default. It was the second day of gains after the Dow Jones industrial average posted its biggest point rise of the year on Thursday.
In afternoon trading, the Dow was up 107 points, or 0.7 percent, to 15,231. The Standard & Poor’s 500 index was up 10 points, or 0.6 percent, to 1,702. The Nasdaq rose 30 points, or 0.8 percent, to 3,791.
Call it the Sigh of Relief Rally.
A partial government shutdown pushed the Dow below 15,000 this week before President Barack Obama and House Republicans met on Thursday to talk about the outlines for a possible deal. Obama and Republican senators were expected to meet on Friday, too.
Stocks set new highs in mid-September but declined steadily since then as the federal government got closer to the partial shutdown that began Oct. 1. That shutdown entered its 11th day on Friday.