- Title: USA: Wall Street opens higher - JPMorgan to settle Madoff case
- Date: 7th January 2014
- Summary: NEW YORK, NEW YORK, UNITED STATES (FILE) (REUTERS) VARIOUS OF EXTERIOR OF JPMORGAN CHASE HEADQUARTERS
- Embargoed: 22nd January 2014 12:00
- Location: Usa
- Country: USA
- Topics: Economy
- Reuters ID: LVA9J1S3WVONO9HWA1F5F1QRQNUV
- Story Text: U.S. stocks opened higher on Tuesday (January 7), rebounding after three days of losses, as a declining U.S. trade deficit and upbeat data on the German labor market set a positive tone.
The Dow Jones industrial average .DJI was up 64.61 points, or 0.39 percent, at 16,489.71. The Standard & Poor's 500 Index .SPX was up 6.41 points, or 0.35 percent, at 1,833.18. The Nasdaq Composite Index .IXIC was up 15.50 points, or 0.38 percent, at 4,129.18.
Also Tuesday, JPMorgan Chase & Co will pay $1.7 billion (USD) to settle U.S. charges it violated laws requiring banks to monitor customer activity for money laundering in its handling of accounts of convicted Ponzi-schemer Bernard Madoff, authorities said on Tuesday.
The deal includes a two-year deferred prosecution agreement and settles outstanding probes by two bank regulators into failures in JPMorgan's anti-money laundering policies. The bank agreed to improve its controls.
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