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Wall Street down as CIT likely to bankrupt

Published: 16/07/2009 05:00

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Wall Street declined slightly Thursday, after excitement that JPMorgan Chase & Co.’s earnings easily beat estimates was tempered by concern that CIT Group Inc. could collapse.

People walk past the CIT Group Inc. building in New York, the U.S., July 16, 2009. CIT Group, a 101-year-old commercial lender to small and mid-size businesses, is now closer to bankruptcy with the collapse of its efforts on Wednesday night to get a government bailout. (Xinhua Photo)

CIT, the 101-year-old commercial lender to small businesses running short of cash, said the U.S. government would not rescue the company after days of talk, fueling speculation that it may be forced to file for bankruptcy.

Concern on CIT’s possible failure offset upbeat earnings from JPMorgan. The second- largest U.S. bank said profit jumped 36 percent in the second quarter, the first time since 2007, surpassing analysts’ most optimistic estimates as investment-banking fees reached a record.

On economic news, the U.S. Labor Department posted the number of Americans filing claims for unemployment benefits fell by 47,000 to 522,000 last week to the lowest level since January. The reading was better than expectation.

The Dow Jones fell 25.24 to 8,592.94. Broader indexes also moved moderately lower. The Standard & Poor’s 500 index dipped 4.45 to 928.23; and the Nasdaq lost 6.77 to 1,856.13.

VietNamNet/Xinhuanet

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