The markets enjoyed yet another positive day to end out the month of August. The Dow 30 was higher by 58, the S&P 500 added 13, and the Nasdaq 100 gained 60 on the day. Tomorrow starts the month of September which can be a weak month. Investors will look to the unemployment rate along with manufacturing numbers to set the tone going forward.
Wells Fargo (NYSE: WFC) shares sold off another 0.56% today as news came out the the fake account scandal was larger than expected. The bank announced this morning that their review of the scandal returned 1.4 million more fake bank and credit card accounts. This makes the combined total more than 3.5 million accounts. The company also announced that around 190,000 accounts were slapped with extra fees, when previously they said it was only around 130,000. This scandal has taken a toll on the stock to a tune of 7% though many believe that coming clean will ultimately help them in the long run.
Costco (NASDAQ: COST) enjoyed a 1.49% gain today as the company announced that their same store sales were higher by 7.4% during August. Analysts had only expected 6.1% which impressed investors. Shares of Costco have had a hard time this year in light of all the Amazon news in the retail space. Thanks to today's move shares have made it back into positive territory for the year, up 2.5%.
Disney (NYSE: DIS) sold off 1.63% today despite a strong market as the company announced it is planning for significant budget cuts at its ABC Television Group. These budget cuts will include staff cuts and "restructuring." According to the report, about 300 workers will be laid off in an effort to cut costs by 10%. Shares are lower by 3% on the year.