The markets traded mixed during the midday with the Dow slipping 13 points to 22,367. Nasdaq gained 37 points to 6,491.
HSBC Holdings was fined $175 million by the Federal Reserve for failing to provide adequate oversight of it foreign trading business. Forex traders shared confidential information in chatrooms and coordinated trades in order to increase their profits. As part of the settlement, HSBC must improve internal controls over forex traders.
Deutsche Bank has settled an antitrust lawsuit accusing the company of manipulating currency benchmark rates by agreeing to pay $190 million to investors. The German bank has denied any wrongdoing and is cooperating with the investors who filed the lawsuit to pursue claims against another financial institution. Fourteen banks had already settled with investors for a total of approximately $2.3 billion in fines.
Volkswagen must take an unexpected $2.95 billion charge due to the diesel emissions scandal. The automaker said that retrofitting cars was more costly and complex than originally anticipated. The illegal efforts of the Volkswagen to evade clean air emissions standards will now cost the company more than $30 billion.
In the broad market, advancing issues outpaced decliners by a margin of nearly 3 to 2 on the NYSE and by more than 3 to 2 on Nasdaq. The broader S&P 500 gained 6 points to 2,516. Bitcoin fell $16 to $4,169.
