NEW YORK (AP) -- JPMorgan Chase & Co. shares tumbled nearly 10 percent Tuesday as the bank's disclosure about escalating losses in its mortgage portfolio set off new concerns about the health of the overall financial sector. An analyst's lowering of the bank's earnings estimates and price target contributed to the decline.

JPMorgan Chase plunged $3.88, or 9.3 percent, to close at $38.01. It has traded between $29.94 and $49.95 in the past 12 months.

In a filing with the Securities and Exchange Commission late Monday, the bank said turbulence in the credit markets have caused it to lose about $1.5 billion, after hedges, in its mortgage-backed securities and loans to date in the July-to-September quarter. That's more than the $1.1 billion in losses JPMorgan incurred in its investment bank's portfolio during the second quarter.

Subsequently, Ladenburg Thalmann analyst Dick Bove cut his full-year profit estimate on the bank to $2.23 per share from $2.46 per share. Analysts polled by Thomson Reuters, on average, forecast earnings of $2.47 per share in 2008.

"Virtually every part of the capital markets business is suffering at the present time," Bove said. Specifically, he said, the bank is underwriting fewer deals, which weakens the flow of investment banking fees, commissions, margin interest, the investment management business and future merger-and-acquisition activity. Moreover, Bove said, the weakness in the equity markets is hurting private equity

NEW YORK (AP) -- Oil prices fell again Tuesday, dampened by a stronger U.S. dollar and more evidence that developed countries such as the United States are cutting back on their energy use.

Light, sweet crude dipped by $1.44 to settle at $113.01 a barrel on the New York Mercantile Exchange, after falling as low as $112.31, a new three-month low. Oil is now nearly $35 below its July 11 record high of $147.27.

The International Energy Agency lowered its forecast on Tuesday for oil product demand from 30 developed countries, located mostly in Europe and North America, to 48.6 million barrels a day, down 1.3 percent from last year.

The Paris-based energy watchdog's report arrived a day after China said its crude imports in July, while historically strong, were down 7 percent from the same month last year.

The IEA cautioned that it is too early to determine whether the recent fall in oil prices is a longer-term trend. It said demand in developing countries could offset declines in developed nations, and that it sees Chinese oil demand continuing to grow at a robust pace.

And some economists have said that given the pullback in gasoline prices, demand could come back if motorists feel more comfortable with the cost of filling their gas tanks. The average U.S. retail gasoline price was $3.799 a gallon on Tuesday, according to auto club AAA, the Oil Price Information Service and