Author: Ken Sweet
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Wells Fargo says 3.5 million accounts involved in scandal
NEW YORK — The scope of Wells Fargo’s fake accounts scandal grew significantly on Thursday, with the bank now saying that 3.5 million accounts were potentially opened without customers’ permission between 2009 and 2016. Wells Fargo also acknowledged that roughly half a million of the newly discovered accounts were missed during the original review of…
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Wells Fargo CEO John Stumpf steps down amid sales scandal
NEW YORK — Wells Fargo’s embattled CEO John Stumpf is stepping down as the nation’s second-largest bank is roiled by a scandal over its sales practices. The San Francisco bank said Wednesday that Stumpf is retiring effective immediately and also relinquishing his title as chairman. It had earlier announced that Stumpf, the bank’s CEO since…
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U.S. stocks sink on renewed Russia-Ukraine tensions
NEW YORK – Renewed concerns that tensions could flare up between Russian and Ukraine pushed U.S. stocks sharply lower Tuesday. The market had been moderately lower all day, weighed down by a disappointing earnings forecast from retail giant Target and a report on China that showed the world’s second-largest economy was slowing down. The selling…
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Stock market stages a comeback, but investors remain cautious
NEW YORK – The stock market staged a late-day rally Monday, helping push the Dow Jones industrial average higher for the first time in a week. Investors had a couple pieces of positive news to get behind: a decent earnings report from Berkshire Hathaway and the announcement of a rescue package for a struggling Portuguese…
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Not a milestone investors want: Market has worst week in two years
NEW YORK _ U.S. stocks fell for a second day Friday, adding to the massive sell-off the day before and giving the market its worst week in two years. Investors found little reason to move money into stocks, faced with the growing geopolitical concerns in Israel and Ukraine, as well as banking problems in Europe.…
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Market falls over worries about consumer spending
NEW YORK – Investors got some bad news about the American shopper on Friday, driving down stocks and sending the Dow Jones industrial average to a loss for the week. Two major U.S. companies – the retail giant Amazon and the credit card processor Visa – both said that the second half of the year…
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Flurry of earnings, economic reports fail to dazzle Wall Street
NEW YORK – Only Wall Street could make the buying and selling of more than 3 billion shares look like nothing happened. Major U.S. stock indexes ended roughly where they began Thursday, despite investors having to work through a busy day of corporate earnings and two economic reports. Underneath the flat surface, there was a…
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S&P 500 ekes out record high as earnings reports roll in
NEW YORK – The stock market eked out a record high Wednesday, as investors weighed positive earnings from the technology industry against disappointing news from Boeing and other companies. Biotechnology stocks were among the largest gainers. Among big tech names, Apple’s earnings topped Wall Street expectations, helped by rising shipments of iPhones. Microsoft also announced…
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Trouble in Portugal ripples across the Pond to deflate U.S. stock market
NEW YORK – Stocks fell Thursday as worries about the soundness of a European bank spooked U.S. investors, prompting them to sell off stocks and snap up less risky assets like gold and governments bonds. Fears emerged overnight about the financial stability of Espirito Santo International, a holding company that is the largest shareholder in…
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Positive earnings news gives stock market a boost
NEW YORK – Corporate earnings season got off to a positive start Wednesday, helping lift the stock market after two days of declines. The market opened higher and remained modestly higher throughout the day. Stocks climbed further after the Federal Reserve released minutes from its latest policy meeting in June. The biggest gainer in the…