Treasuries gained, pushing 10-year note yields to the lowest level in five days, as a gauge of consumer confidence fell more than forecast this month, fueling demand for the safety of U.S. government debt.
Treasuries rose and the Standard & Poor’s 500 Index retreated after touching an intraday record yesterday on signs U.S. consumer confidence is flagging. The yen gained amid concern a weaker Chinese yuan will hurt growth while natural gas led commodities lower.
Two things explain why the biggest gains in the U.S. stock market this year are coming from companies without profits, according to Jeff Mortimer of BNY Mellon Wealth Management: Greed, and fear of missing out.
Bank of New York Mellon Corp., the trustee that negotiated Bank of America Corp.’s $8.5 billion settlement with mortgage-bond investors, said it will appeal the portion of a New York state judge’s ruling approving the pact that excluded claims over modified loans.
Daniel Bonventre, one of five former aides to Bernard Madoff on trial over the con man’s $17 billion Ponzi scheme, told a jury he didn’t know what “COO” stood for and denied using the corporate title in seeking a $300 million loan from Bank of New York Mellon Corp. in 2006.
The largest holders of Puerto Rico bonds are betting that a planned debt sale by the commonwealth will fuel a rally in its securities by alleviating doubts the U.S. territory can raise funds in the capital markets.
Bank of New York Mellon Corp. must face two International Brotherhood of Teamsters benefit funds’ claims the lender failed to protect them from the 2008 collapse of Lehman Brothers Holdings Inc., a U.S. judge ruled.