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The KUIK Closing Market Report for Wednesday, February 28: |
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Markets were down. |
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Index |
Direction |
Change |
Units |
Index |
Time |
Change |
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Dow |
Down |
(381) |
points |
25,029 |
2:43 PM |
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S&P500 |
Down |
-1.1% |
percent |
2,714 |
1.00 |
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Nasdaq Composite |
Down |
-0.8% |
percent |
7,273 |
9.00 |
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30 Year Treasury |
Down |
(5) |
Basis Points |
3.13 |
Annual Yield |
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The Justice Department fined big four accounting firm Deloitte & Touche $149.5 million for alleged fraud for its role as the independent outside auditor of Taylor, Bean & Whitaker. a mortgage loan originator that failed in 2009. It was alleged to have fraudulently sold fictitious loans insured by the Federal Housing Administration. Deloitte issued audit reports for 2002 through 2008. The DOJ said Taylor Bean’s financial statements didn’t show its financial distress and knowingly deviated from applicable auditing standards which Deloitte did not detect. The settlement makes no determination of liability and the firm neither admitted nor denied the allegations. |
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Sign up for a Social Security and Retirement Analysis at brcapitalinc.com/kuik. Serving the West Side first, I am Bill Roller for 1360 KUIK. |
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For today’s Closing Market Report click to listen-> |
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