Mark Bronzo News
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Stocks plunged worldwide and the euro weakened as Europe’s backlash against budget cuts gained momentum, while commodities retreated as manufacturing shrank.
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Goldman Sachs Group Inc., the fifth-biggest U.S. bank by assets, set aside $4.4 billion to pay employees in the first quarter, 16 percent less than a year earlier, as revenue fell and the company cut jobs.
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Stocks fell, giving U.S. equities the longest slump since November and driving Spanish shares to the lowest level since 2009, after China posted slower-than- forecast economic growth and American consumer confidence weakened. Commodities slid and Treasuries rose.
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U.S. stocks fell for a second day, led by commodity producers, as oil plunged on an increase in crude supplies while growth in durable-goods orders trailed estimates. Treasuries fell after demand weakened at an auction.
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Stocks and commodities dropped while Treasuries rose for a third day after European and Chinese manufacturing contracted and FedEx Corp. predicted slower growth, undermining confidence in the global economy.
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U.S. stocks retreated, trimming the longest monthly rally since September 2009 for the Standard & Poor’s 500 Index, as manufacturing contracted in China and Europe and FedEx Corp. tumbled amid a disappointing forecast.
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Exelon Corp. is trying to pull off its largest takeover by acquiring more nuclear power plants -- less than two months after the industry’s worst disaster since Chernobyl.
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Record volatility in stocks pushed investors to the safety of large companies and handed the Dow Jones Industrial Average the best risk-adjusted return since the bull market started in 2009, the first time the gauge has led a comparable recovery.
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Stocks retreated from an almost three-month high as Italian and Spanish bonds fell amid concern European leaders will struggle to raise funds to contain the region’s debt crisis. The yen sank from a post-World War II record against the dollar after Japan intervened in the market.
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U.S. stocks rallied this week, putting the Standard & Poor’s 500 Index 0.2 percent away from erasing its losses since April, amid optimism Greece will get another bailout and better-than-estimated economic data.
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