Donald Selkin News
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American companies with earnings least tied to the economy are beating so-called cyclical shares by the widest margin since August 2011, a sign that almost always means a bull market will accelerate.
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Hedge funds accumulated their second-biggest bet against gold on record just as prices rallied the most in 15 months on surging demand for coins and jewelry and Goldman Sachs Group Inc. ended a recommendation to sell.
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Hedge funds and other speculators added to bullish gold bets before the metal slumped into a bear market and Goldman Sachs Group Inc. warned the retreat is accelerating after the longest rally in nine decades.
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Copper prices dropped the most in two weeks after pending sales of U.S. homes unexpectedly fell in June and factory orders declined more than forecast, signaling metal demand may ebb.
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Danske Bank A/S and Credit Suisse Group AG, the most-accurate gold forecasters, say prices will probably peak this year while their nearest rival, UniCredit SpA, sees no end in sight to the 12-year bull market.
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Stocks and Treasuries are moving in tandem twice as often as they normally do, a sign investors are growing convinced the U.S. will lose its AAA credit rating and that an impasse among lawmakers may spur losses in both markets.
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Copper fell to a nine-week low on concern that demand will falter after manufacturing in China expanded at the slowest pace in six months. Nickel tumbled the most since January 2009 and lead plunged 7.6 percent.
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Speculators lowered bullish wagers on commodities for the third straight week, the longest streak since April, as prices erased this year’s gain on mounting concern about slowing economic growth.
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The U.S. stock-market rally to an almost-record high has left the Standard & Poor’s 500 Index trading at the most expensive level in 18 months.
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Never before has the euro influenced U.S. stocks as much as this year, a sign that American equities aren’t going anywhere until Europe’s credit crisis is solved.
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