NEW YORK (AP) — It was a harrowing day on Wall Street today as the stock market simply could not shake off the jitters from last week. The market closed sharply lower again, as airlines, energy and materials stocks were among the biggest losers. The market was coming off its biggest weekly decline in more than two years. Many investors remain concerned that economic growth in Europe and Asia could be slowing.
NEW YORK (AP) — J.C. Penney’s newly tapped CEO has a big challenge ahead of him: The troubled chain is showing signs of improvement after racking up billions in losses, but still hasn’t figured out how to get shoppers back into its department stores. Penney says today that Marvin Ellison, a 30-year retail veteran and executive vice president of stores at Home Depot, will become its CEO next August. Ellison will be the first black CEO in the company’s 112-year history.
LOS ANGELES (AP) — The California attorney general has announced a $28 million settlement with a furniture and computer rental business that allegedly violated consumer protection and privacy laws. Kamala Harris says Aaron’s Inc. overcharged customers, omitted important contract disclosures and installed software that could spy on laptop computer users. The Atlanta-based business is the nation’s second-largest rent-to-own business. It operates approximately 75 stores in California.
NEW YORK (AP) — Fidelity Investments is naming Abigail Johnson CEO of the financial services company. The 52-year-old Johnson is replacing her father in the top job, 84-year-old Edward Johnson. He will stay on as chairman of the board. The changes were announced today in a memo to Fidelity shareholders. Fidelity manages mutual funds, offers 401(k) retirement plans and provides other financial services.
WASHINGTON (AP) — Top U.S. and British bank regulators, including Federal Reserve Chair Janet Yellen, have taken part in an exercise to see how they would handle the failure of a large multinational bank and communicate with each other. The exercise held today was part of the regulators’ efforts to prevent a repeat of the 2008 financial crisis and to end the need for governments to bail out big banks.
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