Wells Fargo CEO Sloan will face Congress
Wells Fargo's chief executive will face Congress saying the bank remains "deeply sorry" for its previous sales practices, and that in the year since the scandal over them exploded it has substantially changed for the better. The prepared comments from Tim Sloan come ahead of his scheduled appearance in front of the Senate Banking Committee on Tuesday, about a year since his predecessor did the same and was grilled about the sales practices. Wells Fargo has said that 3.5 million accounts were potentially opened without customers' permission between 2009 and 2016, as employees tried to meet ambitious sales targets. People may have had different kinds of accounts in their names, so the number of customers affected may differ from the account total.
Health care, banks lead way to record highs
U.S. stocks set more records Monday as health care companies and banks continued to surge as investors grew more optimistic about the recovery in manufacturers. Stocks received a boost after the Institute for Supply Management said U.S. factory activity hit a 13-year high in August as hurricanes disrupted supplies but drove up demand for manufactured goods. The Standard & Poor's 500 index rose 9.76 points, or 0.4 percent, to 2,529.12. The Dow Jones industrial average advanced 152.51 points, or 0.7 percent, to 22,557.60. The Nasdaq composite gained 20.76 points, or 0.3 percent, to 6,516.72. The Russell 2000 index of smaller-company stocks jumped 18.61 points, or 1.2 percent, to 1,509.47. All four indexes finished at record highs. Benchmark U.S. crude fell $1.09, or 2.1 percent, to $50.58 a barrel in New York.