The markets traded flat during the midday with the Dow edging down 2 points to 19,916. Nasdaq rose 6 points to 5,453.
Uber has transported its fleet of self-driving cars from California to Arizona to test its autonomous technology. The self-driving vehicles operated in San Francisco for a week until the Department of Motor Vehicles revoked their car registrations. Uber had failed to properly apply for a testing permit.
Deutsche Bank will pay a total of $7.2 billion to settle a mortgage securities case with the Department of Justice. The DOJ alleged that Deutsche Bank engaged in fraud by misleading investors into buying its risky mortgage backed bonds between 2005 to 2007. The settlement includes $3.1 billion in fines and $4.1 billion in compensation to homeowners and borrowers.
The Department of Justice has sued Barclays and two former executives for repeatedly misrepresenting the quality of its mortgage backed securities to investors between 2005 and 2007. Former head banker on subprime residential mortgage backed securities packaging Paul Menifee and former head trader for subprime loan acquisitions John Carroll have been charged with falsely assuring investors that unacceptable mortgages had been excluded from the securities being sold.
In the broad market, advancing issues outpaced decliners by a margin of nearly 5 to 4 on the NYSE and by nearly 3 to 2 on Nasdaq. The broader S&P 500 index edged up a fraction to 2,261. Bitcoin soared $31 to $886.
