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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."
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.
