Treasuries slid, sending 10-year yields to a two-year high, amid bets the Federal Reserve will reduce its bond purchases next month. U.S. stocks fell, extending the worst week for the Dow Jones Industrial Average in 14 months. Metals rallied after housing starts increased.
Zhao Danyang, the Chinese investor who won a charity lunch with billionaire Warren Buffett in 2008, led his hedge funds to post returns three times more than their Asian peers this year by shifting assets back to Chinese stocks.
Jeffrey Gundlach, manager of the top-performing DoubleLine Total Return Bond Fund, is planning a new fund that will seek to beat an index that focuses on the cyclically adjusted price-to-earnings ratio for stocks.
Stock splits are losing their allure with American executives amid one of the broadest rallies ever, sending the number of shares trading above $100 to a record and showing the rising dominance of institutions in equity markets.