Markets Relatively Steady
World markets are steady and slightly positive on Thursday mirroring the Dow's positive day on Wednesday when it closed up 131 points at 10,939. The Associated Press indicates the positive feeling is due to what seems a coordinated effort in Europe to control its debt crisis. Additionally, countries such as Germany, according to the Financial Times, are acknowledging the the stress test standards for EU banks are inadequate and need to be increased.
Website returns to functionality
Bank of America's online banking site is now steady after being down for 6 days, as reported by the Associated Press. The Bank indicates the problems were due to a system upgrade which needed testing but was hampered by month end heavy traffic. Because the problems occurred the same day it announced its $5 debit fee, rumors persist that the challenges were due to hacking. Bank of America has 29 million customers that use its site.
Banks fail to make small business loans and use money for themselves
In another action creating continuing distrust and bad feelings towards banks, the Wall Street Journal reports that $4 billion in federal funds meant for small business loans was used to repay TARP loans. Of the 332 banks that received a portion of the Small Business Lending Fund of $30 billion, 137 banks used the money ($2.2 billion) to repay its TARP obligation rather than making loans to small businesses. The money was intended to remain separate from other bank obligations. Pepperdine University just completed a study that indicated 68 percent of small business loans have been rejected in 2011.
Apple Founder Steve Jobs dies
The co-founder of Apple, Steve Jobs, passed away on Wednesday from pancreatic cancer.Jobs has been credited for being a great innovator and inventor as well as a great American. The Apple Mac, iPhone and iPad are all market leaders. CNBC reports that make-shift tributes and moments of silence are occurring outside of Apple stores across the country.