Market Watch: The volatile roller-coaster ride continues on Wall St.

What a wild & volatile roller-coaster ride, the last five days on the stock market has been.  Last Friday the Dow plummeted almost 400 points.  On Monday the blue chip index rose 240 points; Then on Tuesday the Dow dumped 258 points.  After a drop of 32 points on Wednesday, the Dow advanced close to 180 points today.  The recent movement on the Dow is the very definition of unpredictability and precariousness on Wall Street.

Wells Fargo, the world’s second-largest bank has been destroyed in the public over news that its employees fraudulently created over 2 million fake bank and credit card accounts without the knowledge or consent of its customers in order to inflate sales figures and qualify for bonuses. The bank paid $185 million in fines and penalties and fired 5,300 employees involved in the scandal.The bank’s shares have fallen more than 7.5% and are inching into bear market territory.

Meanwhile, the Wells Fargo executive in charge during this scandal: Carrie Tolstedt- Chief of Community Banking, has made a fortune. Last year Tolstedt collected $9 million in total pay, and despite the shocking scandal at her division, Tolstedt is set to walk away with an even bigger fortune when she retires at the end of the year — a $124 million payday through a mix of shares, options and restricted stock.

U.S. Senator Elizabeth Warren of Massachusetts spoke to CNBC today about the problem with Wells Fargo and the even bigger structural problems on Wall Street.

Watch what she had to say below.

Here are the final numbers from Thursday, September 15, 2016 on Wall Street:

Dow Jones Industrial Average: 18,212.48 (+177.71 / +0.99%)

NASDAQ: 5,249.69 (+75.92 / +1.47%)

S&P 500: 2,147.26  (+21.49/ +1.01%)

Phil Cannella

Phil Cannella

As a partner with CBS Radio in Philadelphia, Phil Cannella reports on the issues most important to the American retiree.
Phil Cannella
- 22 hours ago
Phil Cannella
Phil Cannella

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