


Business briefing

Stock markets around the world sagged Friday after Amazon and other big companies reported quarterly results that underwhelmed investors.
The Standard & Poor’s 500 index lost 3.32 points, or 0.1 percent, to 2,472.10 and closed a week packed with corporate earnings reports almost exactly where it started.
The Dow Jones industrial average gained 33.76 points, or 0.2 percent, to 21,830.31 and set another all-time high. The Nasdaq composite fell 7.51, or 0.1 percent, to 6,374.68.
Amazon dropped $25.96, or 2.5 percent, to $1,020.04 after its profit missed expectations. Its forecast for operating income this fiscal year was also below many analysts’ forecasts, though revenue for the latest quarter beat expectations.
Earnings reports were the main focus for markets during a busy week, where the Federal Reserve also decided on Wednesday to hold interest rates steady.
Meanwhile, the U.S. economy expanded at a 2.6 percent annual rate in the April-June quarter. That’s more than double the revised 1.2 percent pace in the first quarter.
The growth spurt in gross domestic product, the economy’s total output of goods and services, was fueled by a surge in consumer spending.
Wells to pay $80M to customers
Wells Fargo is paying $80 million to customers who the bank signed up and charged for auto insurance that they did not want or need.
The bank said Friday that 570,000 customers will be getting refunds.
Wells Fargo required borrowers to have comprehensive and collision insurance. If they didn’t have comprehensive coverage, Wells would purchase it for the customer and charge them for it.
Wells Fargo admitted that some customer premiums “may have contributed to a default that led to their vehicle’s repossession.”
Nearly a year ago, Wells Fargo admitted its employees opened up to 2 million accounts for customers without getting their permission in order to meet sales targets.
10 at Yellowstone face discipline
As many as 10 workers in Yellowstone National Park’s maintenance division will be disciplined after an investigation found female employees being subjected to sexual harassment and other problems.
The move comes as widespread reports of harassment, bullying and other misconduct have tarnished the image of the National Park Service and its parent agency, the U.S. Interior Department.
Punishments will be proposed by Aug. 1 or soon afterward for the employees and could range from reprimands to suspensions or firing, Yellowstone Superintendent Dan Wenk said. The workers can appeal before the penalties become final.
THE BOTTOM LINE