Teva Pharmaceutical Industries Ltd.’s surge to a three-year high is creating a windfall for billionaire George Soros after he lifted the Israeli drugmaker above Microsoft Corp. to become the biggest holding in his fund.
U.S. stocks fell for the first time in three days as Federal Reserve Chair Janet Yellen said the central bank’s stimulus program could end this fall and benchmark interest rates could rise six months later.
U.S. stocks recovered from an early slump as BP Plc said it temporarily halted the flow of oil from its Gulf of Mexico well and Goldman Sachs Group Inc. rallied before settling the federal government’s fraud lawsuit.
Nasdaq Stock Market canceled some trades in nine U.S. stocks, such as Goldman Sachs Group Inc., Hewlett-Packard Co. and Sprint Nextel Corp., that occurred more than 10 percent away from yesterday’s close.
Warren Buffett’s proposal to take over NYSE Euronext, while rejected in favor of a higher offer last year, is boosting optimism that the world-famous stock picker sees a rebound in trading from a four-year low.