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The Dow Jones Industrial Average rose marginally today (Monday) after strong manufacturing data outshone concerns over geopolitical problems in Ukraine. It gained 17.66 points (0.11%) to finish at 16,530.55.
Here's your post-market report of today's major financial news.
Top Stories Moving the Dow Today
- Too Big to Jail: According to U.S. Attorney General Eric Holder, no banking institution is "Too Big to Jail." The U.S. Justice Department announced plans to pursue criminal charges and investigations against a number of banks and institutions in the coming weeks. The announcement comes in the wake of the Justice Department attempting to have BNP Paribas SA (OTCMKTS ADR: BNPQY) and Credit Suisse AG (NYSE ADR: CS) plead guilty for recent charges over U.S. sanctions and tax violations.
- Steinhafel Is Out: The massive data breach that hammered Target Corp. (NYSE: TGT) in December is just one reason why its Chief Executive Officer Gregg Steinhafel is no longer a part of the organization. In addition to the breach that allowed hackers to gain access to the sensitive information of 40 million customers, a number of other factors were at play. The company's fourth-quarter earnings slipped by 50%, its online sales platform has drastically underperformed, and it lost nearly $1 billion during its expansion into Canada. Chief Financial Officer John Mulligan plans to serve as interim president and CEO.
- The Rush Is On: Tech giant Google Inc. (Nasdaq: GOOG, GOOGL) announced plans to launch a same-day delivery service in Los Angeles and New York City called "Google Shopping Express." The service will allow customers to purchase products from companies like Walgreen Co. (NYSE: WAG), Costco Wholesale Corp. (Nasdaq: COST), and Target Corp. (NYSE: TGT). The company began testing the service last year in San Francisco after its competitors Amazon.com Inc. (Nasdaq: AMZN) and eBay (Nasdaq: EBAY) announced ventures into same-day delivery services.
- A Big Boom for Auto Dealers: There's another big IPO on the horizon. Car-pricing comparison site TrueCar Inc. could be valued at nearly $1 billion. TrueCar operates a network of 7,000 car dealerships and relies on advertising and dealer subscriptions to generate revenue. The company will trade on the Nasdaq Stock Exchange under the ticker "TRUE."