U.S. stocks rose, halting a five-day slide for the Standard & Poor’s 500 Index, as investors weighed better-than-forecast jobs growth to gauge the strength of the economy and timing of Federal Reserve stimulus cuts.
Sears Holdings Corp. plans to spin off its Lands’ End Inc. unit, giving investors a piece of a profitable clothing brand amid almost nine years of market- lagging returns for the department-store chain’s shares.
Edward Lampert, the investor who for the past eight years has tried to turn around Sears Holdings Corp., cut his stake in the retailer below 50 percent to meet redemption requests from his hedge-fund clients.
U.S. stocks fell a fourth day, the longest slump in 10 weeks for the Standard & Poor’s 500 Index, as investors weighed economic data for clues on the timing of Federal Reserve stimulus cuts amid optimism over a budget deal.
U.S. Treasury yields rose to an 11- week high and stocks fell a fourth day as signs of economic growth fueled concern the Federal Reserve will scale back bond buying. Copper, gold and crude oil led commodities higher.
Sears Holdings Corp. posted a wider third-quarter loss as Chief Executive Officer Edward Lampert works to sell more of the department-store chain’s assets to drum up cash amid a six-year sales decline.