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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.
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.
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