MW: Banks rise in preopen, Morgan Stanley cutting jobs
By Greg Morcroft
NEW YORK (MarketWatch) -- U.S. bank stocks were among the most active among U.S. shares in preopen trading on Thursday, rising after a report showed that initial jobless claims are at their lowest level since 2008, the height of the financial crisis. Bank of America Corp BAC +1.72% shares added 1.9%, Citigroup Inc. C +2.23% shares added 2.3%, Morgan Stanley MS +2.59% climbed 2.4% and J.P. Morgan Chase & Co. JPM +1.84% added 2%. According to published reports, Morgan Stanley plans to cut 1,600 jobs in the first quarter of 2012.
