Detroit may run out of cash next month and must cut long-term debt and retiree obligations, according to emergency financial manager Kevyn Orr’s preliminary plan to save Michigan’s largest city from bankruptcy.
D.R. Horton Inc., the largest U.S. homebuilder by volume, rose to a six-year high after reporting that fiscal second-quarter profit more than doubled as climbing demand and prices fuel a housing-construction recovery.
U.S. stocks fell for a second day amid disappointing earnings reports and data on leading economic indicators and Philadelphia-area manufacturing that trailed estimates. European shares erased earlier gains while gold rose and oil rebounded from a four-month low.
General Motors Co., armed with its best vehicles in a generation, reported a 3.6 percent increase in global sales during the first quarter, keeping its lead over Volkswagen AG by about 90,000 vehicles.