Stocks fell, halting a five-day rally in U.S. benchmark indexes, and the euro weakened amid concern Greece will fail to qualify for more financial aid needed to avoid default. Treasuries rose, sending two-year yields to a record low, and copper and oil slid.
Prospects for a recovery in U.S. corporate profits this year are dimming after third-quarter earnings growth slowed and the federal government’s shutdown hindered trade and threatened to crimp consumer spending.
The number of U.S. chief executive officers planning to trim capital expenditures has risen amid the political standoff over more than $600 billion in federal tax increases and spending cuts, the Business Roundtable said.
After losing billions on U.S. stocks beginning in 2000, Alwaleed Bin Talal says he may become richer than the Oracle of Omaha. His strategy: holding an IPO for his luxury hotels and building the world’s tallest tower in his homeland.
Prince Alwaleed Bin Talal sits under an almost full moon near a campfire at his rustic retreat in Riyadh, Saudi Arabia. He’s surrounded by a zoo with zebras and giraffes, an artificial lake and a lodge that has an indoor pool, saunas and steam rooms. Three hooded falcons are perched on stands in front of him.
U.S. stocks rose for the week, sending the Standard & Poor’s 500 Index above 1,700 for the first time, as central banks vowed to maintain stimulus and data showed economic growth beat projections in the second quarter.
Capital spending at U.S. companies from Apple Inc. to 3M Co. is at the highest level since 2008 as upgrades to plants, property and equipment show some executives embracing the likelihood that the economy averts recession.