Connect with us

Reuters

Wall Street ends higher but indexes mark worst week since March selloff

Avatar

Published

on

(Reuters) – U.S. stocks ended higher on Friday as bargain hunters stepped back into the market following sharp losses a day earlier, but all three major indexes suffered their biggest weekly percentage declines since March.

The day’s trading was marked by wild swings, with the S&P 500 up about 3% at its high of the session and down about 0.6% at the low.

The Federal Reserve’s indication earlier this week of a long road to recovery and rising COVID-19 cases in the United States had cast a pall over investor optimism about a swift economic rebound, and the S&P 500 dropped about 6% on Thursday.

“You’ve gotten a pretty sizeable dip, and there’s probably some fear of missing out, some trying to (take) some value while it’s there,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management in Seattle.

The S&P 500 closed well above its 200-day moving average, a closely watched technical level, after moving above and below the level during the session.

The financial and technology sectors gave the biggest boosts to the S&P 500.

The Dow Jones Industrial Average rose 477.37 points, or 1.9%, to 25,605.54, the S&P 500 gained 39.21 points, or 1.31%, to 3,041.31 and the Nasdaq Composite added 96.08 points, or 1.01%, to 9,588.81.

For the week, the Dow ended down 5.6%, the S&P 500 fell 4.8% and the Nasdaq shed 2.3%, the biggest weekly percentage declines for the indexes since the week ended March 20.

The Cboe Volatility index ended down on the day but registered its biggest weekly gain since the week ended March 13.

Earlier this week, the Nasdaq confirmed it had been in a bull market since March 23 and the S&P 500 briefly turned positive on the year.

On Friday, Photoshop maker Adobe Inc rose 4.9% after posting a better-than-expected quarterly profit, driven by strong demand for its cloud software.

Yoga apparel maker Lululemon Athletica Inc fell 3.8% after posting lower-than-expected quarterly results following coronavirus-induced store closures.

Traders exit the 11 Wall St. door of the New York Stock Exchange (NYSE) in New York City, New York, U.S., June 11, 2020. REUTERS/Brendan McDermid

Advancing issues outnumbered declining ones on the NYSE by a 3.14-to-1 ratio; on Nasdaq, a 2.98-to-1 ratio favored advancers.

The S&P 500 posted one new 52-week high and no new lows; the Nasdaq Composite recorded 23 new highs and seven new lows.

Volume on U.S. exchanges was 13.08 billion shares, compared to the 12.90 billion average for the full session over the last 20 trading days.

Additional reporting by Medha Singh and Devik Jain in Bengaluru, additional reporting by Terence Gabriel in New York and Pawel Goraj in Gdansk; Editing by Cynthia Osterman

Source: http://feeds.reuters.com/~r/reuters/topNews/~3/ayAgvyT90tA/wall-street-ends-higher-but-indexes-mark-worst-week-since-march-selloff-idUSKBN23J1MM

Private Equity

KKR passes $11bn for fourth flagship Asia fundraise, could raise $12.5bn – report

Avatar

Published

on

KKR has hauled in more than $11bn through the first close of its latest mammoth Asia private equity fund, putting it wel

Source: https://www.altassets.net/private-equity-news/by-region/asia-by-region/kkr-passes-11bn-for-fourth-flagship-asia-fundraise-could-raise-12-5bn-report.html

Continue Reading

Cyber Security

NY Charges First American Financial for Massive Data Leak

Avatar

Published

on

In May 2019, KrebsOnSecurity broke the news that the website of mortgage title insurance giant First American Financial Corp. had exposed approximately 885 million records related to mortgage deals going back to 2003. On Wednesday, regulators in New York announced that First American was the target of their first ever cybersecurity enforcement action in connection with the incident, charges that could bring steep financial penalties.

First American Financial Corp.

Santa Ana, Calif.-based First American [NYSE:FAF] is a leading provider of title insurance and settlement services to the real estate and mortgage industries. It employs some 18,000 people and brought in $6.2 billion in 2019.

As first reported here last year, First American’s website exposed 16 years worth of digitized mortgage title insurance records — including bank account numbers and statements, mortgage and tax records, Social Security numbers, wire transaction receipts, and drivers license images.

The documents were available without authentication to anyone with a Web browser.

According to a filing (PDF) by the New York State Department of Financial Services (DFS), the weakness that exposed the documents was first introduced during an application software update in May 2014 and went undetected for years.

Worse still, the DFS found, the vulnerability was discovered in a penetration test First American conducted on its own in December 2018.

“Remarkably, Respondent instead allowed unfettered access to the personal and financial data of millions of its customers for six more months until the breach and its serious ramifications were widely publicized by a nationally recognized cybersecurity industry journalist,” the DFS explained in a statement on the charges.

A redacted screenshot of one of many millions of sensitive records exposed by First American’s Web site.

Reuters reports that the penalties could be significant for First American: The DFS considers each instance of exposed personal information a separate violation, and the company faces penalties of up to $1,000 per violation.

In a written statement, First American said it strongly disagrees with the DFS’s findings, and that its own investigation determined only a “very limited number” of consumers — and none from New York — had personal data accessed without permission.

In August 2019, the company said a third-party investigation into the exposure identified just 32 consumers whose non-public personal information likely was accessed without authorization.

When KrebsOnSecurity asked last year how long it maintained access logs or how far back in time that review went, First American declined to be more specific, saying only that its logs covered a period that was typical for a company of its size and nature.

But in Wednesday’s filing, the DFS said First American was unable to determine whether records were accessed prior to Jun 2018.

“Respondent’s forensic investigation relied on a review of web logs retained from June 2018 onward,” the DFS found. “Respondent’s own analysis demonstrated that during this 11-month period, more than 350,000 documents were accessed without authorization by automated ‘bots’ or ‘scraper’ programs designed to collect information on the Internet.

The records exposed by First American would have been a virtual gold mine for phishers and scammers involved in so-called Business Email Compromise (BEC) scams, which often impersonate real estate agents, closing agencies, title and escrow firms in a bid to trick property buyers into wiring funds to fraudsters. According to the FBI, BEC scams are the most costly form of cybercrime today.

First American’s stock price fell more than 6 percent the day after news of their data leak was published here. In the days that followed, the DFS and U.S. Securities and Exchange Commission each announced they were investigating the company.

First American released its first quarter 2020 earnings today. A hearing on the charges alleged by the DFS is slated for Oct. 26.



Tags: First American Financial Corp., New York State Department of Financial Services, Reuters

Source: https://krebsonsecurity.com/2020/07/ny-charges-first-american-financial-for-massive-data-leak/

Continue Reading

Blockchain

Coinbase Reportedly Eyeing Stock Exchange Listing in Latest Power Move

Avatar

Published

on

U.S. crypto exchange Coinbase might be going public if reports from inside sources are to be believed.

The San Francisco-based company has undergone a significant evolution since its inception eight years ago but remains one of the major players in the cryptocurrency exchange scene.

In recent times, the platform has been riddled with controversy over issues around token listings, privacy violations, and government agency affiliations.

Coinbase Going Public?

According to Reuters, inside sources at Coinbase say the exchange is exploring the possibility of a stock exchange listing. The platform could pursue the move later in the year. Or at the start of 2021.

There’s no official confirmation yet as Coinbase has not notified the U.S. Securities and Exchange Commission (SEC). However, anonymous sources told Reuters that Coinbase is working on modalities behind the scene, including arrangements with law firms and investment bankers.

A U.S. stock exchange listing could further catapult Coinbase’s valuation in what would be the latest in a string of power moves by the giant exchange. Back in October 2018, the platform raised $300M in a Series E funding round, which took the company’s valuation to $8 billion.

Unconfirmed reports suggest Coinbase might opt for a direct listing instead of an initial public offering (IPO). If confirmed, the move will eliminate the need for potentially expensive underwriters and lockup agreements that come with the dilution of shares in an IPO.

Coinbase’s reported IPO plans reveal an emerging theme for major crypto businesses. From mining firms to cryptocurrency hedge funds, public listings appear to be the next logical step in the evolution of big virtual currency companies, especially against the backdrop of increased institutional investment.

Mining giants like Bitmain and Canaan pursued IPO plans in the past, with the latter scrapping its underwhelming share sale back in late 2019. The Canaan IPO, too, only raised $90M out of a $400M projection. Meanwhile, Bitmain has had to endure a couple of its own false starts.

At the start of 2020, the Grayscale Bitcoin

BUY NOW Trust (GBTC) also obtained SEC approval to act as a reporting company.

From Crypto Exchange to Digital Asset Business

Apart from its exchange services, Coinbase now hosts other business elements like custody and commerce. The latter tool allows businesses to easily accept crypto payments. It already has over 8,000 merchant customers. In May, Coinbase announced plans to acquire Tagomi, a crypto brokerage firm.

The move signaled further intentions to pivot towards institutional players. The exchange reportedly holds over 1 million BTC. Coinbase has radically shifted its strategy over the last few years. Initially sticking to a limited token listing regime, the exchange now has a more liberal policy towards altcoins.

The platform lists 27 different assets and in mid-June, it announced plans to consider 18 more tokens.

coinbase libra

Some of these listings resulted in parabolic price spikes which just as quickly disappeared. Critics have consequently handed down some heavy comments regarding its new listing policy, particularly for tokens associated with the Digital Currency Group (DCG).

Despite their relatively small market cap, these ‘coins’ found their way to the Coinbase trading catalog prompting critics to label the listing as rather questionable. On separate occasions, #DeleteCoinbase and #BoycottCoinbase were trending on Twitter.

The company’s acquisition of controversial analytics firm Neutrino also sparked outrage in the crypto community owing to Neutrino’s association with government-sanctioned spyware programs.



Do you want to Be In Crypto?Join our Telegram Trading Group for FREE Trading Signals,a FREE Trading Course for Beginners and Advanced Tradersand a lot of fun! Images courtesy of Shutterstock, TradingView and Twitter.

Disclaimer. Read MoreRead Less

As a leading organization in blockchain and fintech news, BeInCrypto always makes every effort to adhere to a strict set of editorial policies and practice the highest level of journalistic standards. That being said, we always encourage and urge readers to conduct their own research in relation to any claims made in this article.
This article is intended as news or presented for informational purposes only. The topic of the article and information provided could potentially impact the value of a digital asset or cryptocurrency but is never intended to do so. Likewise, the content of the article and information provided within is not intended to, and does not, present sufficient information for the purposes of making a financial decision or investment. This article is explicitly not intended to be financial advice, is not financial advice, and should not be construed as financial advice. The content and information provided in this article were not prepared by a certified financial professional. All readers should always conduct their own due diligence with a certified financial professional before making any investment decisions. The author of this article may, at the time of its writing, hold any amount of Bitcoin, cryptocurrency, other digital currency, or financial instruments — including but not limited to any that appear in the contents of this article.

Source: https://beincrypto.com/coinbase-reportedly-eyeing-stock-exchange-listing-in-latest-power-move/

Continue Reading
AR/VR26 mins ago

You can now Request the PlayStation VR Camera Adaptor for PS5

Covid195 hours ago

How followers on Instagram can help to navigate your brand during a pandemic

Cyber Security13 hours ago

How Was 2020 Cyber Security Awareness Month?

AR/VR14 hours ago

Sci-fi Shooter Hive Slayer is Free, Asks Players for Louisiana Hurricane Relief Donations Instead

AR/VR14 hours ago

AMD Announces Radeon RX 6000-series GPUs with USB-C “for a modern VR experience”

AI16 hours ago

Resiliency And Security: Future-Proofing Our AI Future

AI16 hours ago

AI Projects Progressing Across Federal Government Agencies

Blockchain18 hours ago

Kucoin and Revain Announce Partnership

AR/VR19 hours ago

Crowdfunded AR Startup Tilt Five Secures $7.5M Series A Investment

AR/VR19 hours ago

The Importance of XR Influencers

AR/VR20 hours ago

Head Back Underground in 2021 With Cave Digger 2: Dig Harder

AR/VR21 hours ago

Five All-New Multiplayer Modes Revealed for Tetris Effect: Connected

Crowdfunding22 hours ago

The Perfect Investment

AR/VR23 hours ago

Snapchat’s new Halloween AR Lenses Offer Full Body Tracking

Cyber Security23 hours ago

How the PS5 Will Completely Change Gaming As We Know It?

Cyber Security23 hours ago

Compromised Credentials used by Hackers to Access the Content Management System

Cyber Security23 hours ago

Which are the safest payment methods for online betting?

Cyber Security23 hours ago

How to stay safe if you’re using an Android device for betting?

Quantum1 day ago

Bell nonlocality with a single shot

Quantum1 day ago

Optimization of the surface code design for Majorana-based qubits

Quantum1 day ago

Classical Simulations of Quantum Field Theory in Curved Spacetime I: Fermionic Hawking-Hartle Vacua from a Staggered Lattice Scheme

Ecommerce1 day ago

How Digital Transformation Will Change the Retail Industry

AR/VR2 days ago

Where to Change Quest 2 Privacy Settings and See Your VR Data Collected by Facebook

Cyber Security2 days ago

Cyber Security Prognostication Conversation

AR/VR2 days ago

Win a Huge The Walking Dead Onslaught Merch Bundle Including the Game

AR/VR2 days ago

Hold Your Nerve With These Scary VR Horror Titles

Blockchain News2 days ago

Ethereum City Builder MCP3D Goes DeFi with $MEGA Token October 28

Crowdfunding2 days ago

I dare you to ignore this trend…

Blockchain News2 days ago

Why Bitcoin’s Price Is Rising Despite Selling Pressure from Crypto Whales

AI2 days ago

5 Work From Home Office Essentials

AR/VR2 days ago

Gorilla Glass Maker Corning & Pixelligent Partner to Develop Optics for Consumer AR Headsets

AR/VR2 days ago

Skye’s Beautiful VR Funeral

AR/VR2 days ago

AR For Remote Assistance: A True Game Changer

Blockchain News2 days ago

Smart Contract 101: MetaMask

AR/VR2 days ago

Yupitergrad Adding PlayStation VR & Oculus Quest Support Jan 2021

AR/VR2 days ago

Hack & Slash Rogue-lite ‘Until You Fall’ Leaves Early Access on Steam & Oculus PC

AR/VR2 days ago

‘Elite Dangerous: Horizons’ Now Free to All Owners of the Base Game

Blockchain News2 days ago

New Darknet Markets Launch Despite Exit Scams as Demand Rises for Illicit Goods

Blockchain News2 days ago

Bitcoin Millionaires at an All-Time High as Analysts Warn of a Pullback Before BTC Moves Higher

Fintech2 days ago

The Impact of BPM On the Banking And Finance Sector

Trending