EU court rules that Uber is a transportation service

The markets traded mixed during the midday with the Dow adding 9 points to 24,764. Nasdaq slipped 3 points to 6,960.


The European Court of Justice ruled that Uber should be classified as a transportation service rather than a technology service. Uber must be regulated in the same manner as other taxi operators. Uber continues to argue that it is merely an app that connects drivers to passengers.


The Bank of England plans to continue working with foreign banks under current rules even after Brexit. European Union banks will not have to open subsidiaries in the United Kingdom in order to operate in Britain. However, the European Banks must reciprocate by allowing the Bank of England free access to EU markets.


JPMorgan Chase employees will begin testing a new JPMorgan Digital Investing service this week. The service is a computerized investment management tool that will offer low cost guidance and advice. JPMorgan will expand the service to some clients in March with fees ranging from 25 to 50 basis points annually.


In the broad market, advancing issues outpaced decliners by a margin of more than 4 to 3 on the NYSE and by 5 to 4 on Nasdaq. The broader S&P 500 edged up a fraction to 2,682. Bitcoin plummeted $466 to $16,860.


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