Bill Gross overhauled the Pimco Unconstrained Bond Fund after replacing Chris Dialynas as manager, taking control of Pacific Investment Management Co.’s best-selling alternative to traditional fixed income.
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.
West Texas Intermediate crude fell the most in three weeks on projections that U.S. supplies rose and concern that the weakening Chinese yuan will hurt growth in the second-biggest oil-consuming country. Brent also dropped.