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Former Employee Sues Wells Fargo Over Firing

A former Wells Fargo & Co. mortgage banker in Beverly Hills, California, has sued the company alleging he was unjustly fired for his actions in the rate-lock scandal.

The federal lawsuit was filed this week in Los Angeles by David Eghbali, who had been one of the bank’s top loan originators before he was fired in 2015.

But Eghbali, himself, had previously settled with the Consumer Financial Protection Bureau allegations he shifted fees between borrowers in order to close more loans.


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From:: Financing

Supreme Court to rule on Trump’s travel ban

The U.S. Supreme Court will hear arguments about President Donald Trump’s travel ban in April, it announced Friday. Trump’s ban was struck down last month by a federal appeals court in San Francisco. A final ruling is expected by late June.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Supreme Court to rule on Trump’s travel ban

The U.S. Supreme Court will hear arguments about President Donald Trump’s travel ban in April, it announced Friday. Trump’s ban was struck down last month by a federal appeals court in San Francisco. A final ruling is expected by late June.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Gold prices settle higher to cut their loss for the week

Gold prices settled higher Friday, cutting their loss for the week down to roughly 0.1%, with the market wary of a potential U.S. government shutdown this weekend. The weekly decline for the yellow metal, however, followed five weeks of gains in a row. February gold rose $5.90, or 0.4%, to settle at $1,333.10 an ounce.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Baker Hughes reports a weekly decline in the U.S. oil-rig count

Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil fell by 5 at 747 this week. The oil-rig count had climbed by 10 last week. The total active U.S. rig count, which includes oil and natural-gas rigs, also declined by 3 to 936, according to Baker Hughes. February West Texas Intermediate crude was down 61 cents, or 1%, from Thursday, to $63.34 a barrel–up from $63.29 shortly before the rig data.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Annual Mortgage Originations Down at SunTrust

Residential loan originations were lower last year at SunTrust Banks Inc., while mortgage delinquency turned sharply higher. The servicing portfolio, however, expanded.

Atlanta-based SunTrust revealed in its fourth-quarter 2017 earnings report that income before the provision for income taxes was $668 million during the period.

Earnings were slightly better than the $660 million earned a year prior. But income at the bank-holding company declined from $765 million the prior quarter.


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From:: Financing

Trump asks Schumer to White House to strike deal averting shutdown: report

President Donald Trump has reached out to Senate Minority Leader Charles Schumer, inviting him to the White House to try to strike a deal to avert a government shutdown, according to New York Times reporter Maggie Haberman. Without a deal before midnight the federal government would partially shut down for the first time since 2013.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

A.O. Smith stock rises toward record after dividend hike

Shares of A.O. Smith Corp. traded up 0.9% in midday trade Friday, putting them on track for a record close, after the maker of water heating equipment said it raised its quarterly dividend by 29%. The new dividend of 18 cents a share, which is up from 14 cents a share, will be payable Feb. 15 to shareholders of record on Jan. 31. At current share prices, the new annual dividend rate implies a dividend yield of 1.08%, compared with an implied yield for the S&P 500 of 2.02%, according to FactSet. “The company’s strong balance sheet and cash-generating ability give us the confidence to increase our dividend,” said Chief Executive Ajita Rajendra. The stock has rallied 40% over the past 12 months, while the S&P 500 has gained 24%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

10-year Treasury yield seesaws around 3-year high as shutdown looms

The 10-year Treasury note yield is flitting around a 3-year high amid speculation that the federal government could go into a partial government shutdown if a stopgap spending bill is not passed. The yield for the benchmark maturity was at 2.635%, the highest since September 2014, according to Tradeweb. In addition, improving global growth and growing inflation concerns have put U.S. government paper under pressure. Debt prices fall when yields rise. Investing luminaries including Bill Gross of Janus Henderson and Jeffrey Gundlach of DoubleLine Capital have recently warned that a bond bear market could end the the record bull run in equities.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News

Dow industrials dragged lower in late-morning trade as IBM’s stock drop cuts 40 points

The Dow Jones Industrial Average on Friday morning was being dragged lower on the back of a sharp decline in shares of International Business Machines Corp. The Dow component was down 3.7%, or about $6.14, which translates to a more than 40-point weight on the blue-chip benchmark. The slide in IBM’s shares occurred despite fourth-quarter results that topped Wall Street estimates, and returning to revenue growth. IBM’s shares has beaten earnings expectations for 13 straight quarters but its stock has still suffered. A $1 swing in any one of the Dow’s components translates to a $6.83-point move in the benchmark. The Dow was most recently flat, with Armonk, N.Y.-based technology company anchoring the average lower. The S&P 500 index was up 0.2% at 2,803, while the Nasdaq Composite Index was showing a 0.2% gain at 7,311.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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From:: Stock Market News