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

By: MT Newswires
Posted: 3/19/2014 8:00:00 AM
Referenced Stocks: JPM;FIG

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.