U.S. stocks fell, erasing earlier gains, as the Standard & Poor’s 500 Index failed to hold above its average level from the past 50 days and investors awaited a monthly jobs report and the start of corporate earnings.
U.S. stocks fell, with the Standard & Poor’s 500 Index erasing gains after failing to hold above its average level from the past 50 days, while Brazil’s shares sank on concern the economy may shrink. Oil rallied and the yen slid.
Six newly public companies including Facebook Inc. will probably join the Russell 1000 Index amid the smallest annual shift in the gauge of large U.S. companies since at least 2004, according to Credit Suisse Group AG.
Le Gaga Holdings Ltd. , the Hong Kong-based greenhouse vegetable producer, raised $103 million in an initial public offering, as Asian companies led the busiest month for U.S. IPOs in almost three years.
The combined market value of U.S. exchange-traded funds surpassed $1 trillion for the first time in 2010, while ETFs investing in emerging markets and bonds receiving the most new money, Birinyi Associates Inc. said.
Canceling trades in stocks that fell 60 percent during last week’s plunge reflected a policy to erase pricing “errors,” said Eric Noll , executive vice president for transaction services at Nasdaq OMX Group Inc.
KKR & Co. and Bain Capital LLC, which earned billions of dollars buying and selling companies, are facing a 25 percent discount in the initial public offering of NXP Semiconductors NV after three years of losses.