U.S. stocks rose, with the Dow Jones Industrial Average extending a record, as investors awaited retailer earnings reports to gauge the strength of consumer demand and the likelihood of cuts to monetary stimulus.
Emerging-market stocks retreated, capping the biggest weekly slide in four months, as growing speculation the Federal Reserve will curtail economic stimulus drove a rally in the U.S. dollar and sank gold producers.
Global stocks beat all assets in the best quarter since the start of 2012 and commodities rose the most in a year after the Federal Reserve maintained economic stimulus and growth in China and Europe strengthened.
For all the efforts to regulate banks since Lehman Brothers Holdings Inc. collapsed, stock investors have no more faith in U.S. financial institutions now than they did in early 2008, relative to the rest of the market.
The world’s 200 wealthiest people added $59 billion to their collective wealth this week as Amancio Ortega, the 77-year-old founder of the Zara clothing chain, recaptured the title of world’s third-richest person from Berkshire Hathaway Inc. chairman Warren Buffett.