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  • 08/25/2017 13:43:10

    Dow holds on to gains as Draghi talks global economic stability at Jackson Hole

    U.S. stock benchmarks were trading higher Friday afternoon, and looked set to book weekly advances as Mario Draghi delivered a highly anticipated speech at Jackson Hole, Wyo. Although Draghi didn't offer clues about monetary policy, he did say that recoveries taking place in global economies are firming, though he said it was "at an earlier stage" in Europe and Japan. The statement was enough to send the euro surging against the dollar up at $1.1925, compared to $1.18 late Thursday in New York. U.S. equity markets, meanwhile, climbed and have traded higher throughout the session on the back of the possibility of tax reform following remarks made by Gary Cohn, the president's economic adviser. The Dow Jones Industrial Average rose about 61 points, or 0.3%, at 21,847. Dow components Boeing Co. and Intel Corp. were helping to limit gains for blue chips. The S&P 500 index climbed 8 points, or 0.3%, at 2,446, while the Nasdaq Composite Index was flat at 6,271. Still, the technology laden gauge was on track to halt a dubious streak of four consecutive weekly declines, with a roughly 1% gain. Earlier in the session, Federal Reserve Chairwoman Yellen said that the economy was stabilizing but made no specific remarks about monetary policy during her speech at the gathering of central bankers in Wyoming. Meanwhile, investors were also Cohn's interview with the Financial Times, where he said the president was focused on getting tax reform done by the end of 2017. Tax cuts and other fiscal stimulus measures had been part of catalyst for stocks's rise to records after Trump's election victory in November. In that interview, Cohn also said he seriously considered resigning in response to Trump's reaction to a Charlottesville, Va., white-supremacist rally, however, the adviser and former Goldman Sachs executive decided against leaving. In other news, investors may also be watching developments in the Gulf Coast after Hurricane Harvey was upgraded to a Category 3 storm. In corporate news, Ulta Beauty Inc. shares dropped 9% after the retailer's results late Thursday showed second-quarter sales growth slowed. Check out a live blog of the Jackson Hole symposium here.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

  • 08/04/2017 12:49:54

    Wells Fargo's stock takes a dive after news that unauthorized accounts created could be more than expected

    Wells Fargo & Co.'s stock took a dive in afternoon trade Friday, after the bank disclosed that the number of authorized accounts created during the customer account scandal could be a lot higher than previously thought. The stock was down about 0.2% a little after 2:00 p.m. ET, then tumbled to be down as much as 2.8%, before recovering slightly to be down 1.1% in recent trade. In a filing with the Securities and Exchange Commission, the bank stated that a review of sales practices, which is expected to completed by the end of the third quarter, "may lead to a significant increase in the identified number of potentially unauthorized accounts." Wells Fargo said it expanded the review period to January 2011 through September 2016 from May 2011 to mid-2015, and will perform a voluntary review of accounts from 2009 to 2010. The bank also disclosed that the board of directors is reviewing its structure, composition and practices, and will announce actions to take in the third quarter. The stock has lost 4.2% year to date, while the SPDR Financial Select Sector ETF has climbed 9.1% and the S&P 500 has gained 10.5%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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