Wall Street banks, which already shut proprietary trading units that helped fuel record profits, are girding to learn next week how much revenue the Volcker rule may cut from the $44 billion they say comes from market-making.
U.S. stocks pared gains in the final minutes of trading before changes in MSCI indexes, offsetting a rally among homebuilders and technology shares. The Nasdaq Composite Index topped 4,000 for first time in 13 years.
Tiffany & Co. posted third-quarter profit that topped analysts’ estimates and boosted its annual earnings forecast as the rising U.S. stock market gave wealthy consumers the confidence to snap up higher-priced merchandise.
Daiichi Sankyo Co.’s edoxaban, the latest in a new group of blood thinners aimed at replacing warfarin, was found to be as effective as the drug that has been the standard of care for 60 years, in a study.
Wal-Mart Stores Inc., the world’s largest retailer, cut its annual profit forecast for the second time since August as the discount chain struggles to prevent economically challenged customers from taking their business to dollar stores and other rivals.
Macy’s Inc., the second-largest U.S. department-store company, posted fiscal third-quarter profit that beat analysts’ estimates as better local selections boosted sales, signaling stronger demand headed into the holidays.