The daily business briefing: November 15, 2016

1. Google and Facebook block ads on fake news sites

Google and Facebook on Monday said that they were cracking down on fake news sites following a barrage of complaints that misleading or false stories that spread through social networks and web searches influenced last week's presidential election. Google said it would ban websites disseminating bogus news stories from using its online advertising service. Facebook, which critics accused of spreading phony stories that swayed voters toward President-elect Donald Trump, said it had updated the language in its Facebook Audience Network policy barring ads in sites that show misleading or illegal content "to explicitly clarify that this applies to fake news," a Facebook spokesman said.

The New York Times

2. Home Depot gains as rising home values encourage remodeling

Home Depot reported third-quarter profit that beat Wall Street's expectations. Revenue rose by 6.1 percent to $23.2 billion, just above analysts' projection of $23 billion. Sales at stores open for more than a year increased by 5.5 percent, beating forecasts of a 4.4 percent gain. The company also raised its forecast for 2016 earnings in a sign of confidence that rising home values will encourage Americans to invest more in their properties. The increase in demand for remodeling supplies came as other parts of the retail industry struggled with a slowdown.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

Bloomberg

3. SEC's Mary Jo White announces plan to step down

Securities and Exchange Commission Chairwoman Mary Jo White announced Monday that she plans to leave the agency, becoming the first high-ranking Obama administration appointee to step down since Donald Trump was elected president last week. Trump has vowed to dismantle Dodd-Frank, the overhaul of financial regulations Congress passed after the 2008 financial crisis. Other regulators are expected to follow White's lead and step down soon ahead of what is expected to be a dramatic shift in regulators' priorities under Trump.

The New York Times

4. Tech stocks slide despite broader post-election rally

The stock market continued its post-election split on Monday, with technology stocks diving as other shares gained. Apple, Facebook, and Google-parent Alphabet fell, leading the S&P 500 Information Technology Index down by 1.7 percent, its steepest drop since September. Tech stocks have been dragged down by expectations that President-elect Donald Trump's trade and immigration policies could hurt international technology sourcing and sales, while broader stocks have gained on expectations that Trump's promised spending on infrastructure will be good for business. Dow Industrials futures pointed to a higher open on Tuesday, putting the index on pace for a possible seventh straight day of gains.

Bloomberg MarketWatch

5. American Apparel files for bankruptcy protection... again

American Apparel filed for Chapter 11 bankruptcy protection on Monday after the failure of its latest turnaround attempt. The retailer filed for bankruptcy for the first time about a year ago, then exited court protection early this year. Stores will stay open as American Apparel pursues the sale of intellectual property rights and inventory to Canadian clothing manufacturer Gildan Activewear for $66 million.

USA Today