Charles Schwab Corp. sold 8 million shares...

Charles Schwab Corp. sold 8 million shares to the public at $16.50 a share. In the first day of trading, the stock of the parent of discount broker Charles Schwab & Co. closed unchanged at $16.50 on a volume of 1.52 million shares. Proceeds from the stock sale will be used by the firm to reduce debt and boost working capital. Schwab was a unit of BankAmerica until earlier this year, when the brokerage was sold to a group led by management to help offset the troubled bank holding company’s losses.