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Stock Market Today, May 15, 2014: The Dow Jones Industrial Average slumped as many as 200 points on Thursday on lukewarm housing numbers, poor retail earnings, and a sell-off in small-cap stocks.
Here are the closing numbers:
DOW: 16,447, -1.00%
S&P 500: 1,871, -0.93%
NASDAQ: 4,069, -0.77%
Now here are the top stories from the stock market today:
- Banks Behaving Badly: The Wall Street Journal reports that Credit Suisse Group AG (NYSE ADR: CS) will likely pay about $2.5 billion to settle charges that it helped Americans evade taxes. The deal will feature a guilty plea to the charges and pay $100 million to the U.S. Federal Reserve, $600 million to the New York State Department of Financial Services, and a little more than $1.7 billion to the Justice Department. Financiers on Wall Street are very concerned about the reputational damage that Credit Suisse could face with a guilty plea. In addition, Wall Street is worried that regulators could use any guilty plea in order to revoke a bank's charter, which would ripple through the financial sector.