Ben S. Bernanke, the world’s most- powerful central banker, says he doesn’t understand gold prices. If his peers had paid attention, they might have stopped expanding reserves that lost $545 billion in value since bullion peaked in 2011.
The Standard & Poor’s 500 Index climbed to a record after the Federal Reserve unexpectedly refrained from reducing bond buying, emboldening bulls who have enjoyed a 155 percent rally since stimulus began five years ago.
Most U.S. stocks fell, after the Standard & Poor’s 500 Index rose to its highest level since April, as investor concern about Europe’s debt crisis overshadowed a rally in technology and financial companies.
Stocks rose, with the Standard & Poor’s 500 Index rebounding from a two-month low, while European equities erased early losses and the euro snapped the longest slide since 2008 as Greece attempted to form a new government.
U.S. stocks climbed, giving the Standard & Poor’s 500 Index its biggest gain of the month, as better-than-estimated housing starts added to expectations the world’s largest economy will weather Europe’s debt crisis.
Emerging-market stocks rallied, paring the biggest weekly drop in two months, as countries from Brazil to India signaled they would act to support financial markets. Samsung Electronics Co. drove technology shares higher.
Federal prosecutors don’t plan to bring charges against former American International Group Inc. executive Joseph Cassano after a two-year probe of the insurer’s collapse, according to a person familiar with the investigation.