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The KUIK Morning Market Report for Monday, February 5: |
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Markets are down. |
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Index |
Direction |
Change |
Units |
Index |
Time |
Change |
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Dow Jones Industrial Average |
Down |
(195) |
points |
25,326 |
7:09 AM |
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S&P500 |
Down |
-0.6% |
percent |
2,745 |
(1.99) |
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Nasdaq Composite |
Down |
-0.3% |
percent |
7,220 |
(2.34) |
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30 Year Treasury |
Up |
1 |
Basis Points |
3.11 |
Annual Yield |
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Wells Fargo says the impact from sanctions put on the bank after a wave of customer account scandals could reduce its profit this year by as much as $400 million. Wells Fargo is replacing four board members and won’t be able to grow beyond the $1.95 trillion in assets it held at the end of 2017, after agreeing to a consent order with the Federal Reserve on Friday after markets had closed. The bank opened millions of customer accounts without consent over a period of years, and it has also been found to have committed additional infractions, such as charging borrowers for unneeded guaranteed auto protection. |
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Jerome Powell officially took over as Chairman of the of the Federal Reserve Board this morning, replacing Janet Yellen. In a brief video posted on the Fed’s website, Powell promised to explain “what we are doing and why we are doing it.” He noted that unemployment and inflation are low and the economy is growing. |
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For a free Social Security and Retirement Analysis go to brcapitalinc.com/kuik. Serving the West Side first, I am Bill Roller for 1360 KUIK. |
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www.marketwatch.com/story/jerome-powell-sworn-in-as-fed-chairman-2018-02-05-9103502?mod=bnbh |
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For today’s Morning Market Report click to listen-> |
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