Morgan Stanley and JP Morgan Profits Both Erode By Nearly a Third

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Talk about a photo finish that no one will brag about "winning" -- JP Morgan Chase reported a 28% decline in its second-quarter profit Thursday, only for Morgan Stanley to barely "beat" that with its own 29% profit decline.

The pair, two of America's largest banks, both missed analyst estimates, adding to the market's surplus of reasons to fret about the future. But a few underlying signs suggest cause for hope, and may offer a clearer picture of the economy right now.

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Source Fool.com