ast week, the S&P 500 had its best week since July 2013.
Markets rebounded from a sharp tech sell-off with support from strong earnings in banking, retail, and Internet stocks.
Last week Bank of America (BofA) got slammed by the Consumer Financial Protection Bureau for fraudulent marketing and sales of “add-on” products.
The CFPB found that they had ripped off credit card customers by selling them identity theft protection and credit protection programs, without ever actually providing much of anything.
Read all about BofA’s shady marketing practices… the other banks that have also engaged in fraud…
The post Bank of America (NYSE: BAC): Someone from This Fraud Machine Needs to Go to Jail appeared first on Money Morning – Only the News You Can Profit From.
At the closing bell, the Dow Jones Industrial Average fell 143 points to finish at 16,026.75. The Nasdaq dropped 54 points to finish at 3,999.73, while the S&P 500 lost 17 points to end the day at 1,815.69.
Here’s a recap of other major events today.
Stock market news today, April 9, 2014: The Dow Jones Industrial Average rose 10 points yesterday to finish at 16,256. The Nasdaq increased 33 points to finish at 4,112, while the S&P 500 added 6 points to end the day at 1,851.
Today, the FOMC will release minutes from its March meeting. Investors are seeking clues on when Fed Chair Janet Yellen and the central bank will exercise an increase in interest rates.
The post Stock Market Today: New Rules for Big Banks appeared first on Money Morning – Only the News You Can Profit From.
…just about the only thing Dodd-Frank has accomplished is the slow destruction of small community banks.
The amount of money big banks have spent on settlements in just the last four years will blow your mind – and these totals are about to get higher.
Federal regulators will vote tomorrow (Tuesday) on the Volcker Rule, and this latest draft includes stricter language than Wall Street had expected…
Thousands of home equity loans made in the peak years of the housing bubble are just starting to reach their 10th birthday, which for many borrowers will bring very bad news.
The $13 billion settlement between JPMorgan Chase & Co. (NYSE: JPM) and the federal government shocked markets this week, as the fines would be a record paid by a Wall Street institution.
According to reports, the sum will amount to approximately half of the company’s 2012 profits.
Two of the largest U.S. financial institutions kicked off third-quarter results for big bank earnings today, giving us a peek at how they fared amid tough times for both firms.
Wells Fargo & Co (NYSE: WFC) is in the midst of slashing headcount in its mortgage unit by some 1,800, and JPMorgan Chase & Co (NYSE: JPM) is tangled up in settlement talks with the U.S. Justice Department.
