Before the election, two prominent economists were predicting that the stock market would fall 12 percent lower if Trump won versus Clinton. But, as it often does, the market surprised everybody and went in the other direction.
With less than a week to go to voting day for the presidential election, and the race between Donald Trump and Hillary Clinton tightening, financial markets are starting to get the jitters. With the election almost upon us, the stock market is paying close attention — and that's unusual. Markets don't usually move too much based on who wins the presidency. But this time around it's a different story, and as Donald Trump's prospects have improved, stocks have been falling.
Wells Fargo's CEO has said the banking scandal was the the fault of some bad apples at the company who have been fired. But former workers are now speaking out and telling NPR they were "good apples," and they were fired, too. Some were fired after calling the company's ethics line repeatedly to complain about the gaming and fraud and oppressive sales culture at the company. And some say being fired by Wells Fargo a few years ago has badly damaged their careers ever since.
Wells Fargo will pay $185 million in penalties following accusations the bank opened deposit accounts and credit cards for customers without their permission. The Consumer Financial Protection Bureau says bank employees opened more than 2 million accounts that may not have been authorized. The motive, according to regulator, was to hit sales targets and compensation incentives.
It's been almost a decade since the worse housing crash since the Great Depression. And while the housing market has healed in some ways, in others it's far from normal. Single family home construction is rebounding from the trough, but still far below historical norms and the homeownership rate just keeps falling.
Wal-Mart is buying the discount e-commerce startup, Jet.com. With the $3.3 billion acquisition, Wal-Mart hopes to become more formidable in online shopping and mount a challenge to Amazon, the top online retailer.
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