The Dow Jones has been flat so far this morning as investors await an announcement from President Barack Obama on the future of US banking regulation.
The index, currently down 14.14 points, or 0.17%, to 8,490.53, is under pressure from the resource sector which is seeing some profit taking. Alcoa has shed 3.75% to $10.49 while Caterpillar is down 3.07% to $34.47. Obama is today set to outline fresh rules for the banking sector, requiring the big players to put more money aside to guard against future losses and ordering managers to curb excessive risk taking. In addition, the Federal Reserve will be given the authority to monitor major financial institutions. The only banks featuring heavily so far are J.P. Morgan Chase, down 1.58% t...
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