Must-Read Money Stories for Tuesday, March 28

by March 28, 2017
The world's largest gold coin, estimated to be worth $4.5 million, has been stolen in Berlin. (Photo from Flickr).

The world’s largest gold coin, estimated to be worth $4.5 million, has been stolen in Berlin. (Photo from Flickr).

Wall Street bullish on Snap

Snap Inc., the maker of popular app Snapchat is enjoying a rush of love on Wall Street, according to Bloomberg. On Monday, banks including Goldman Sachs, Morgan Stanley and JPMorgan Chase & Co. issued a raft of “buy” or “neutral” ratings on the firm’s newly listed stock. The recommendations follow the expiration of a waiting period that prevented underwriters on the company’s $3.1 billion IPO earlier this month.

Is the Trump bump over?

Wall Street’s main indexes hit their lowest levels in six weeks on Monday after Republicans pulled their Obamacare replacement bill last Friday, raising questions about President Trump’s ability to deliver on his ambitious economic agenda, reports CBS News. The Dow Jones Industrial Average was down 169.57 points, or 0.82 percent and the S&P 500 was down 20.16 points, or 0.86 percent. The dollar, too, lost some of its luster and hit its lowest point since Nov. 11. Gold, a traditional safe haven, shot up to a one-month high. Investors will await their next clues on the economy from a slew of Fed officials due to speak later this week.

Going for the gold

At least one bad guy in Berlin was paying attention to the gold market. The world’s largest coin, a 221-pound behemoth called the Big Maple Leaf, was stolen overnight from the Bode Museum in Berlin, Germany, according to the New York Times. The coin measures about 21 inches in diameter—the size of a large serving platter—and more than an inch thick, with the head of Queen Elizabeth II on one side and a maple leaf on the other. Its face value is one million Canadian dollars, but by weight in gold alone, it is worth several times that amount. Experts estimate it could bring as much as $4.5 million at current market prices.

Wells Fargo’s card-free ATMs

Business Insider has reported that Wells Fargo is planning to roll out a smartphone ATM withdrawal feature, which will let customers access the machines without their cards. Bank of America and JPMorgan Chase were the first mega banks in the United States to add the feature to some of their ATM machines, but Wells Fargo will reportedly be the first major bank to upgrade its entire network, which includes 13,000 machines nationwide. The bank is hoping that its new digital features will lure customers in the wake of its recent fake application scandal.

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