U.S. shares fell, following yesterday’s worst drop in a month, as financial and technology shares led losses. Emerging-market stocks climbed to a two-month high as Brazilian equities surged. Oil rose while gold slipped.
Emerging-market stocks declined, capping the biggest weekly slide since November, amid concern tension between Russia and Ukraine will escalate. Brazil’s Ibovespa slumped into a bear market as homebuilders retreated.
Bernard Winograd, a retired Prudential Financial Inc. executive who earlier helped devise the initial public offering for luxury-mall developer Taubman Centers Inc. in 1992, a milestone in the growth of real estate investment trusts, has died. He was 63.
Simon Property Group Inc., the world’s largest mall owner, bought a land parcel on New York’s Long Island from rival shopping-center landlord Taubman Centers Inc., which failed to develop the property.
For 27 years, Detroit’s Heidelberg Project has stood as Tyree Guyton’s visual rebellion against blight, a two-square-block dreamscape of junk sculptures, polka dots on the pavement and vacant houses festooned with vinyl records and stuffed animals.
Detroit’s emergency financial manager may file a proposed debt-adjustment plan in federal court in about two weeks, an action that would start the final phase in the city’s record $18 billion municipal bankruptcy.