Michael Nasto News
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U.S. stocks tumbled, giving the Standard & Poor’s 500 Index its biggest decline since August, as manufacturing expanded at the slowest pace in more than a year and employers hired fewer workers than forecast.
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U.S. stocks rose and commodities erased losses, while the Dollar Index retreated, as riskier assets recovered from an early slump amid speculation that recent declines were excessive. Treasuries slid after an auction of 30-year bonds drew the weakest demand in six months.
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First-quarter earnings have beaten forecasts so far, as companies from Apple Inc. to Novartis AG and LG Chem Ltd. wring more profit from operations worldwide and an economic pickup buoys sales.
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The following are the day's top business stories:
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U.S. stocks fell, trimming the biggest first-quarter rally for the Standard & Poor’s 500 Index since 1998, as a Federal Reserve official said interest rates may need to rise and concern about Europe’s debt crisis grew.
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U.S. stocks erased gains in the final hour of trading, pulling the Standard & Poor’s 500 Index down from a two-year high, after a probe of insider trading reportedly widened and President Barack Obama said he’ll push to overhaul the tax code in two years.
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Treasuries slid, pushing the two-year yield up the most since March, after President Barack Obama agreed to extend tax cuts and a three-year note sale drew the lowest demand since February. U.S stocks erased an early rally after a report that an insider-trading probe widened.
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U.S. stocks erased gains in the final hour of trading, pulling the Standard & Poor’s 500 Index down from a two-year high, after a probe of insider trading reportedly widened and President Barack Obama said he’ll push to overhaul the tax code in two years.
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Most U.S. stocks fell, with the Standard & Poor’s 500 Index dropping from near its highest valuation since June, as earnings reports from companies including Broadcom Corp. and Aflac Inc. disappointed investors and anti-government protests in Egypt worsened.
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The advance in the Standard & Poor’s 500 Index that sent the gauge above its average level in the last 200 days yesterday may spur more gains as investors become convinced the rally will last.
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