Stocks are lower in tentative trading on Wall Street, as investors worry that rising inflation will cause the Federal Reserve to retreat from policies aimed at boosting markets. The government said that consumer prices increased in February at the fastest pace in more than three years. Yesterday, the Dow Jones industrial average closed at a record high for the 10th straight day, its longest winning streak since November 1996.
- An official at JPMorgan Chase tells a Senate panel that CEO Jamie Dimon (DY'-muhn) held off showing federal regulators reports that revealed the bank had accumulated billions of dollars in trading losses. Douglas Braunstein says Dimon didn't submit the daily reports for two weeks because he was concerned about "confidentiality." Dimon later acknowledged that the firm had lost $2 billion on risky trades out of its London office. The losses have since been revised to more than $6 billion.
- Citigroup awarded its new CEO, Michael Corbat, a total of $12.4 million last year. That's 17 percent less than the $14.9 million his predecessor received in 2011, but Corbat didn't take the top job until October. Once the country's biggest bank, Citigroup now ranks third behind JPMorgan Chase and Bank of America.
- The International Monetary Fund says Europe's banks are still fragile and the European Union has a way to go to make them stable. In its first assessment of the continent's financial sector, the IMF says that despite the progress made by the EU to repair its financial system, several challenges remain. The report says banks are still struggling to get the loans they need to fund everyday operations, investors are still wary of European countries' debt and growth is stagnant on much of the continent.
- Carnival Cruise Lines says a technical issue with one of the ship's thrusters is affecting the sailing speed of the Legend, forcing the cancellation of a stop at the Grand Cayman Islands. The ship is expected to arrive in Tampa as scheduled Sunday. Passengers will get a $100 credit, refunds on pre-paid shore excursions and half off on a future cruise. Also this week, the Carnival Dream experienced problems with an on-board generator while docked in St. Maarten. Passengers are being flown home.
