Wells Fargo acknowledged Tuesday that, due to a calculation error, it had improperly foreclosed on 545 distressed homeowners after they asked for help with their mortgages. Overall, 870 homeowners were denied help they qualified for — with more than half losing their homes afterward, Wells Fargo said. The acknowledgment is sure to increase pressure on the San Francisco-based bank, which has been struggling to repair its image after a series of missteps. It has already paid more than $1 billion in fines to various regulators for opening up sham accounts people didn’t want and improperly repossessing thousands of cars.
The US will unleash its “toughest ever” sanctions against Iran on Monday following a wave of protests across the oil-rich country.
The Trump administration is reinstating all sanctions removed under the 2015 nuclear deal, targeting both Iran and states that trade with it.
It will hit oil exports, shipping and banks, all core parts of the economy.
Thousands of Iranians chanting “Death to America” rallied on Sunday, rejecting calls for talks.
Iran’s military was also quoted as saying it would hold air drills on Monday and Tuesday to prove the country’s defensive capabilities.
Among the rosy employment statistics in Friday’s, one especially shines: Worker wages in the U.S. are finally taking off.
Average hourly earnings in October grew 3.1 percent from ago, federal data show. That’s the first time wage growth has crossed the 3 percent mark since April 2009, when the economy was reeling from the housing crash. Earnings for non-bosses (a category the Labor Department calls “production and non-supervisory workers” and excludes managers), grew even faster at 3.2 percent.
The S&P 500 rallied more than 1.5 percent to close at 2,682.63 as communications, energy and materials stocks carried the index out of correction territory. Shares of Charter Communications, DISH Network and Twitter all rose more than 4 percent each.
The tech-heavy Nasdaq Composite rose more than 1.5 percent to close at 7,161.65. That index climbed thanks to a 5.2-percent rally in Intel and a 4.7-percent gain in CNBC-parent Comcast; e-commerce giant Amazon shed 0.5 percent during the session.
The Shanghai Composite Index lost 1.1 percent to 2,570.17 while Tokyo’s Nikkei 225 gained 0.5 percent to 21,293.11. Hong Kong’s Hang Seng gained 0.25 percent to 24,780.02 and Sydney’s S&P-ASX 200 advanced 1 percent to 5,724.30. Seoul’s Kospi was little-changed at 2,027.52. Benchmarks in New Zealand, Taiwan and Southeast Asia advanced.
Wall Street fell on Wednesday in another day of losses, erasing the gains posted this year for two of the three main indexes.
The Dow Jones Industrial Average sank 2.4% to 24,583.4 points, while the S&P 500 plunged 3.1% to 2,656.1 points.
The losses pushed the two indexes into negative territory for the year.
The Nasdaq also dropped more than 4.4% to 7,108.4 points amid concerns about weak corporate profits and global trade tensions.
It was the worst day since 2011 for the technology-focused index, which is now 10% lower than its September peak and in “correction” territory.
One of China’s leading stock indexes has seen its highest daily spike in more than two years following signs that the government will step in to support battered equity markets.
The Shanghai Composite closed up 4.1%, its biggest one-day rise since March 2016.
The moves extend a rally that began on Friday and after investor confidence surged on assurances from Beijing.
Stocks had been falling as China’s economic growth continued to stutter.
WASHINGTON — On the heels of a new Treasury Department report showing a 17 percent rise in the annual federal budget deficit, President Donald Trump said Wednesday that he was asking his Cabinet to propose major belt-tightening.
“We’re going to be asking for a 5 percent cut from every secretary,” Trump told reporters, adding “if not more,” just before a Cabinet meeting when he actually sat down with his lieutenants a few minutes later.