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 Stocks opened higher on Friday, and then picked up greater speed after AFP reported that Deutsche Bank is near a $5.4 billion settlement with the US government over mortgage-backed securities — far smaller than the initial Department of Justice fine. Ultimately, all major indices finished in the green. The troubled German lender has been investors' biggest worry after earlier reports that the bank would be slapped with a $14 billion fine over an investigation into the sale of bad derivative products from the financial crisis. First up, the scoreboard: - Dow: 18,308.15, +164.70, (+0.91%)
- S&P 500: 2,168.27, +17.14, (+0.80%)
- Nasdaq: 5,312.00, +42.85, (+0.81%)
- WTI Crude: $48.05, +$0.22, (+0.46%)
- 1o-year yield: 1.598%, +0.042
- Deutsche Bank is close to a $5.4 billion settlement with the US government, according to the Agence France-Presse — a sum that's much lower than the $14 billion settlement reported two weeks earlier. Shares of the German lender skyrocketed by over 15% around 2:05 p.m. ET to $13.21 a share.
- The oil rig count is still on a massive streak. The count of active oil rigs in the US rose by seven to 425 this week and the gas rig count increased by four to 96, according to oilfield-services giant Baker Hughes.
- Chicago PMI rose more than expected. The Institute of Supply Management and MNI Indicators reported that their purchasing manager's index came in at 54.2, up from 51.5 in August, and above analysts' forecasts of 52.
- Personal income rose 0.2% in August, while spending was flat, according to the Department of Commerce. The data reflect a slowdown from a relatively strong July.
- UMich consumer sentiment picked up in September. However, "confidence edged upward in September due to gains among higher income households, while the Sentiment Index among households with incomes under $75,000 has remained at exactly the same level for the third consecutive month," Richard Curtin, the Surveys of Consumers chief economist, wrote in the report.
- Canada's GDP beat. Its economy grew by 0.5% month-over-month in July, above economists' expectations of 0.3%. The loonie ticked up in the aftermath.
Additionally: Here's why Janet Yellen might quit if Donald Trump wins. Goldman Sachs on Deutsche Bank: It's not as bad as you think. Meanwhile, an analyst at JP Morgan thinks the German lender has a "fundamental business problem." Bailing out Deutsche Bank would be a terrible decision for Angela Merkel. A behind-the-scenes look at what actually goes on during an IPO at the NYSE. Ian Bremmer argues that "politics as we knew it is over." SEE ALSO: What 25 major world leaders and dictators looked like when they were young |
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