U.S. stocks tumbled, with the Nasdaq Composite Index falling the most in two months, as investors continued a selloff of the bull market’s biggest winners. Treasuries rallied as jobs data boosted speculation the Federal Reserve will remain accommodative on rates.
U.S. stocks fell, with the Nasdaq Composite Index sliding the most in two months, after large technology stocks from Google Inc. to Yahoo Inc. plunged as investors sold the bull market’s biggest winners.
Pacific Investment Management Co.’s Bill Gross said the pace of employment growth in the U.S. means the Federal Reserve will continue to wind down bond purchases and then consider raising interest rates.
The U.S. Securities and Exchange Commission is conducting a formal inquiry into an online gambling website’s Bitcoin-denominated stock sale after the agency signaled that such dealings may break U.S. laws.
New York Attorney General Eric Schneiderman opened an investigation into whether U.S. stock exchanges and alternative venues provide high-frequency traders with improper advantages, a person with knowledge of the matter said.
The euro rallied for a fifth week as European Central Bank President Maro Draghi said he expects inflation in the currency bloc to gradually rise, damping bets that policy makers would reduce the benchmark interest rate.
U.S. stocks climbed, with the Standard & Poor’s 500 Index rising to a record, as Federal Reserve Chair Janet Yellen said the central bank may alter its strategy on stimulus cuts should the economy weaken. The yen gained on worsening Ukraine tensions while sugar surged.