The markets traded mixed during the midday with the Dow dropping 52 points to 20,658. Nasdaq rose 12 points to 5,887.
Ford Motor must recall a total of 440,000 vehicles to address two different issues. A potentially faulty door latch must be replaced in 211,000 2014 model year Ford Fiesta, 2013-2014 Ford Fusion and 2013-2014 Lincoln MKZ while 230,000 2013-2015 Ford Escape, Ford Fiesta ST, Ford Fusion and Ford Transit Connect vehicles equipped with 1.6-liter GTDI engines in North America have been recalled for under-hood fire risks. The recalls will cost $295 million.
Samsung introduced its flagship Galaxy S8 with an Infinity display and an 8-megapixel front-facing autofocus camera. The S8 comes with a 5.8-inch screen while the S8 Plus has a 6.2-inch screen. Users will be able to log in through an iris scan. Preorders begin on March 30 with shipment in the U.S. on April 21.
Wells Fargo agreed to pay $110 million to settle a class action lawsuit that was filed in May 2015 over fake accounts that bank employees created in order to meet sales quotas. Attorneys fees will be paid first from the settlement then customers who are part of the lawsuit will be reimbursed for any fees that were wrongfully collected. Approximately 2 million fake accounts were created.
In the broad market, advancing issues outpaced decliners by a margin of more than 5 to 3 on the NYSE and by more than 7 to 5 on Nasdaq. The broader S&P 500 index held steady at 2,358. Bitcoin gained $8 to $1044.
