The best year for U.S. initial public offerings since the 1999 technology boom is driving record money into an exchange-traded fund that invests in newly listed companies from Twitter Inc. to General Motors Co.
Chinese stocks in the U.S. are trading at the smallest premium to emerging-market equities in two months after slumping in November, a signal to Stifel Nicolaus & Co. that they will rebound as the economy recovers.
The Standard & Poor’s 500 Index retreated from a record amid concern the Federal Reserve will scale back its stimulus efforts. Gold and silver advanced as Moody’s Investors Service warned the U.S. rating may be cut. The yen rebounded from the weakest level since 2008.