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September 01, 2020 1:37pm
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Bank of America pays $42 million fine

The markets retreated during the midday with the Dow slipping 3 points to 23,936. Nasdaq dropped 52 points to 7113.


Bank of America has agreed to settle allegations by the New York attorney general that the bank deceived clients about their stock transactions. Customers were assured that their trades were processed in-house but the bank sent the transactions to outside electronic trading firms then changed the trade confirmations. Bank of America has admitted wrongdoing and will pay a $42 million fine.


Kroger is reportedly engaged in discussions with Target for a potential combination of the two retailers. Preliminary conversations began last summer as Target explored options to expand its grocery business while Kroger researched ways to improve its ecommerce initiative. Together, the two companies would generate $195 billion annually at 4,600 stores across the nation.


Facebook chief executive officer Mark Zuckerberg has been formally requested to testify before a congressional hearing about mishandled user data. Political data firm Cambridge Analytica collected data from 50 million Facebook profiles through an app then sold the data. The breach of privacy has prompted lawsuits against the social media giant as well as the data mining firm.


In the broad market, declining issues outpaced advancers by a margin of 5 to 3 on the NYSE and by more than 2 to 1 on Nasdaq. The broader S&P 500 fell 12 points to 2,631. Bitcoin gained $58 to $8,667.


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