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Dow worst weekly pct drop since first week of year

Friday, September 09, 2016 - 01:26

Wall Street stumbled in the final trading day of the week with the major indexes all losing more than 2 percent. Bobbi Rebell reports.

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Stocks dropping sharply on Friday. The major indexes losing more than 2 percent. Investors unnerved by a nuclear test by North Korea and comments by a U.S. Federal Reserve official that pointed towards an interest rate hike. It was the biggest weekly percentage drop for the Dow since the first week of the year. Wells Fargo Funds Management's John Manley: SOUNDBITE: JOHN MANLEY, CHIEF EQUITY STRATEGIST, WELLS FARGO FUNDS MANAGEMENT (ENGLISH) SAYING: "It's certainly getting my attention. I sort of went to sleep in August. Nothing really happened. And this is sort of a wake up call. The trick is how quickly we do get scared. I think you got people's attention, maybe one, two more of these and I think we are scared enough." Mastercard is being sued for $19 billion in Britain's biggest damages claim ever. 46 million people could benefit from the legal case alleging the company charged excessive fees. Wells Fargo is being fined $190 million after the bank's employees illegally opened more than 2 million unauthorized bank and credit card accounts for their customers. The company has fired more than 5,000 employees over the past five years related to the actions. Mylan may have a new competitor in the EpiPen business. Teva Pharmaceutical says it hopes to win U.S. approval by late 2017 or early 2018 for its version of the EpiPen device to treat allergic reactions. Turning to Europe, the major indexes closed out the week in negative territory on Friday.

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Dow worst weekly pct drop since first week of year

Friday, September 09, 2016 - 01:26