U.S. stocks erased gains as optimism about Federal Reserve plans to buy more bonds faded, with investor focus returning to the budget deadlock in Washington. The dollar pared losses; Treasury yields remained higher.
Teen retailers Abercrombie & Fitch Co., Aeropostale Inc. and American Eagle Outfitters Inc. will stop reporting monthly sales after tomorrow, which may make it harder for investors to evaluate the companies.
Sealy Corp.’s directors and controlling shareholder KKR & Co. were accused in an investors’ lawsuit of shortchanging the mattress maker’s stockholders by backing a $229 million buyout bid by rival Tempur-Pedic International Inc.
Wal-Mart Stores Inc.’s global operations were designed to help it become less reliant on its mature U.S. business. Now Wal-Mart is grappling with possible bribery in Mexico, its second-largest foreign market, potentially putting the global strategy in peril.