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On Monday, key Wall Street indices closed sharply in what became a strong start to the week. It came after a shortened and turbulent past week.
Here’s what it looks like at closing time:
- The broad S&P 500 Index was up 1.27 percent.
- The industrial-heavy Dow Jones was up 1.18 percent.
- The Nasdaq Composite Technology Index rose 1.87 percent.
Monday’s rise comes after a sharp decline at the end of the previous week. For Nasdaq, the week was the worst since March, while last Friday’s broad S&P 500 index had to report two weeks in a row in decline. According to CNBC, this had not happened since May. The Dow Jones fell 1.6 percent from Tuesday to Friday last week, as the markets were closed last Monday due to federal Labor Day.
On Monday, Tesla finished up more than twelve percent, while Apple and Microsoft were up three and 0.7 percent, respectively. Amazon, on the other hand, fell about 0.5 percent.
Bib Citi from the US authorities
Major bank Citigroup announced last week that Michael Corbat will retire in February. The bank has appointed Jane Fraser as its successor, making her the first female senior executive at a major US bank.
Monday write the newspaper Wall Street Journal that the change of boss was accelerated by an imminent reprimand that the bank is about to receive from US regulators (Comptroller of the Currency and Federal Reserve).
The stock ended the day down about 5.3 percent.
The WSJ writes that oversight bodies will give Citi a slap in the face for having poor risk control, including a broad set of technology and procedures that will reveal problematic transactions, risk “trades” and everything else that may. damage the bank.
The newspaper refers to sources with knowledge of the case, who say Corbat concluded that it was best to leave an expensive and expansive review of the system to the incoming top manager.
According to the WSJ, a decision will likely be made by consent, which will mean that Citi must develop and implement improvements to its risk control. A consent order sometimes comes with fines or stricter supervision, but it is not yet clear what kind of sanction the bank will receive, if any.
Regulators have long tried, but not publicly, to get Citi and Corbat to improve risk control at the bank, and a public reprimand will put further pressure on Citi to rectify the problems, according to WSJ.
Oracle likely to become a TikTok acquirer
At the opening of the Wall Street Stock Exchange, the US authorities announced according to the AFP news agency that they confirm that they have received an offer from Oracle.
The stock was up 4.3 percent, ending the day at a closing price of $ 59.46.
According to the statement by Reuters Finance Minister Steven Mnuchin, Oracle confirmed that it is part of Bytedance’s proposal to the Ministry of Finance where Oracle will act as a “trusted technology provider”.
Oracle was up more than six percent during business hours as a result of the Tiktok rumors.
US Treasury Secretary Steven Mnuchin announced Monday afternoon that the deadline for the sale was set for September 20.
The credit rating agency Standard & Poor’s, for its part, reports that a possible Tiktok deal could lead to a downgrade of Oracle’s credit rating.
Tesla and Apple are cautiously recovering after a period of decline, with Tesla opening 0.8 percent and Apple 1.8 percent.
Since the beginning of September, the shares have fallen 21 and 15 percent, respectively.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases via a link, which leads directly to our pages. Copying or other use of all or part of the content may only be done with written permission or as permitted by law. For more terms, see here.
