Ford is Moving Forward with Big Plans and the SEC is After Fraud – Financial News Summary for Thursday, February 4, 2021

Ford Has Big Plans for Their Future
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The stock market is on a hot streak lately with all three major New York markets showing an upward trend. The Dow Jones rose 1.08% to close at 31,055.85. The NASDAQ rose 1.23% to close at 13,777.74 and the S&P 500 rose 1.09% to close at 3,871.74. STOXX Europe also saw an increase today, coming in up 0.56% to close at 409.54.

 

According to the SEC approximately 17,000 retail investors have been sucked into a Ponzi scheme that actually ended up defrauding a total of $1.7 billion. According to the lawsuit that has been filed, the owner and CEO, David Gentile, the owner of GPB Capital placement agent Ascendant Capital, Jeffry Schneider, and GPB Capital’s former managing partner, Jeffrey Lash are responsible for the scheme.

“We won’t let Wall Street fat cats get away with breaking the rules, as they pilfer New Yorker’s wallets in the meantime,” New York Attorney General Letitia James said in a statement.

 

 

Ford has made some big claims and plans for the future, setting their sights on a nearly full electric line-up by 2035. But they are saying that it’s going to work out. In fact, they’re pledging $29 billion into EV’s and AV’s, admitting that they have a long way to go to catch up with some of their rival companies. They’re excited about the Mach-E but over the next few years there are still gasoline powered vehicles to help drive their profits, like the Bronco SUV and the F-150, both of which come out this year. Not to mention the company earned $1.3 billion over the last quarter.

 

“We watched one out of 10 vehicles sold in Europe in December be pure electric. EV sales in China continue to grow, and the reality is that customers, including in the US, are increasingly giving e-mobility greater consideration,” said Ford CEO Jim Farley. “We have no intention to cede ground to others.”

 

 

Oil came in up by 0.48% today to close at $56.50 per barrel. Gold prices fell sharply today, with the price of gold falling 2.11% to close at $1,795.59 per ounce. The treasury yield had a slightly mixed day today with the 10 year yield holding steady at 1.15. The 30 year yield, however, reported a slight increase to finish out the day at 1.93.

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