The Standard & Poor’s 500 Index rose following its first three-day slump since September, as gasoline and oil rallied while gold and silver slid. Emerging market stocks fell as a gauge of Chinese manufacturing missed estimates and the Federal Reserve said it may reduce stimulus.
Apple surprises the market. Chief Executive Officer Tim Cook tells the Wall Street Journal that the company has bought back $14 billion worth of shares in the past two weeks. This represents 3 percent of shares outstanding. That's 78 percent on an annualized basis. At that rate, the world's largest company by market capitalization would effectively go private next year.
U.S. stocks had the biggest weekly retreat since June as the International Monetary Fund reduced its global growth forecasts and projections from Advanced Micro Devices Inc. and Alcoa Inc. disappointed investors.
Dollarama Inc. is beating Wal-Mart Stores Inc. and Target Corp. as the top North American mass retail stock this year on forecasts its dominance of the Canadian market will be unchallenged for as much as five years.
The post-election rout in U.S. stocks has driven the Standard & Poor’s 500 Index down so far that it would have to advance 26 percent to reach the valuation of bull markets since John F. Kennedy was in the White House.