Sector Update: Financial Shares Mixed Pre-Market; JP Morgan Selling Physical Commodities Business

By Staff,

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Top Financial Shares:

JPM: -0.05%

BAC: +0.29%

WFC: +0.21%

C: -0.08%

USB: flat

Financial shares were mixed in pre-market session Wednesday ahead of a policy announcement from the Federal Open Market Committee.

In financial stocks news, JPMorgan ( JPM ) has agreed to sell its physical commodities business to Swiss trade house Mercuria for $2.5 billion, Reuters reported Wednesday.

The details of the transaction weren't clear yet. But the U.S. investment bank reportedly valued its physical commodities business at $3.3 billion when it first put it up for sale in October due to rising regulatory and political pressure.

And, Fortress Investment Group ( FIG ) is teaming up with hedge fund Pantera

Capital in a new investment venture, Pantera Bitcoin Partners, which buys and sell virtual currencies, the New York Times reports.

FIG is flat at $7.97, trading in a 52-week range of $561 to $9.16.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: JPM , FIG

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