Diamonds and Dogs
Federal Reserve restricts Wells Fargo's (WFC) growth until the firm improves governance and controls. Wells Fargo is down 6% to a two month low after the Federal Reserve over the weekend would restrict the bank's assets to the level where they stood at the end of last year until it can demonstrate improved internal controls. Wells Fargo will also need to replace three current board members by April and a fourth board member by the end of the year. As the other large banks continue to grow and expand, Wells Fargo will need to turn away billions of new deposits.
Two of the 500 S&P 500 stocks closed in the green today. TripAdvisors (TRIP) closed up 3% and Church and Dwight (CHD) closed up 2%. The other 498 stocks, blood bath. We'll see what tomorrow brings.