Mixed close for indexes as price of oil rises
U.S. stocks finished mostly higher Monday as banks, media and energy companies climbed just enough to cancel out losses for technology companies, including Facebook and Amazon. The Standard & Poor's 500 index fell 1.80 points, or 0.1 percent, to 2,470.30. The Dow Jones industrial average continued to build on its record highs. It gained 60.81 points, or 0.3 percent, to 21,891.12. The Nasdaq composite lost 26.55 points, or 0.4 percent, to 6,348.12. The Russell 2000 index of smaller-company stocks dipped 4.12 points, or 0.3 percent, to 1,425.14. A majority of the stocks on the New York Stock Exchange rose. The price of oil rose again after its best week of the year. Benchmark U.S. crude added 46 cents to $50.17 a barrel in New York.
Wells Fargo hit with class-action lawsuit
Wells Fargo & Co., which is still settling class-action lawsuits over its fake-accounts scandal, has now been hit with yet another — related to the bank's revelation last week that it charged auto loan customers for unnecessary insurance. An Indiana man who said he was charged $598 for auto coverage despite repeatedly asking Wells Fargo to rescind the charges is the lead plaintiff in the case, which accuses the San Francisco bank of scheming with National General Insurance Co. to "bilk millions of dollars from unsuspecting customers." The lawsuit, filed Sunday in U.S. District Court in San Francisco, does not name the insurance carrier as a defendant. It is seeking class-action status. Last week, the bank acknowledged that an internal investigation spurred by customer complaints found that, between 2012 and 2017, about 570,000 borrowers may have been wrongly pushed into auto-insurance policies despite having their own coverage.
Charter denies interest in buying Sprint
Cable television giant Charter Communications Inc. shot down the prospect of a merger with Sprint, despite interest by the wireless phone operator's parent, SoftBank Group Corp. of Japan, to create a mammoth new telecommunications company in the U.S. Charter is one of the nation's largest internet and pay-TV providers. The Stamford, Conn., cable company also has a partnership with Verizon Communications Inc. and plans to use Verizon's networks to introduce a Spectrum-brand wireless phone service.