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Closing bell: Dow down 733 points, markets give back Monday's gift

Between today and yesterday, it is almost as if Monday's massive rally never happened. US markets moved down an average of well over 8%.

The details:

DJIA: 8,570.19 off 7.96%

Nasdaq: 1,628.33 off 8.45%

S&P 500 907.32 off 9.06%

JPMorgan Chase (NYSE: JPM) has just released earnings and Jamie Dimon is showing he is a better manager than we even knew he was. The banking giant made $0.11 EPS on $14.74 billion in revenues. First Call had estimates at -$0.21 EPS and roughly $16 billion in revenues.



Wells Fargo
(NYSE:WFC) also posted better than expected earnings today. The "AAA" rated banking giant posted $0.49 EPS vs. $0.41 estimates. It is also still growing revenues and deposits in this environment as consumers are doing their own flight to quality.

Dell Inc. (NASDAQ: DELL) was kicked while it was down as shares were downgraded to Neutral from Overweight as it continues to struggle and lag. See tech upgrades and downgrades from JPMorgan.

The Coca-Cola Company (NYSE: KO) managed to beat rival Pepsi. It beat earnings this morning and was not full of the same excuses as its international rival. Domestic case volumes grew and profit was up 14%.

Douglas A. McIntyre is an editor at 247wallst.com.

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Last updated: November 22, 2008: 07:31 AM

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