U.S. stocks sank, erasing yesterday’s rally, amid a plunge in industrial metals, disappointing earnings and concern Apple Inc.’s iPhone sales may miss forecasts. The euro slid as Germany’s central bank chief reportedly said European policy makers may cut rates if needed.
Stocks rallied, sending the Standard & Poor’s 500 Index to a record, and the euro rebounded from a four-month low as the reopening of Cyprus banks eased concern about Europe’s debt crisis. Commodities erased early gains. Treasuries were little changed and the dollar fell.
Groupon Inc., which just completed the biggest initial public offering by a U.S. Internet company since Google Inc. sold shares in 2004, is among the most difficult stocks for short sellers to borrow and bet against.
Knight Capital Group Inc. received a $400 million cash infusion through the sale of convertible securities after trading losses spurred by a software failure drove the market maker to the brink of bankruptcy.
U.S. stocks erased losses in the final 15 minutes, sending the Standard & Poor’s 500 Index to a second weekly gain, as investors bought shares before changes to MSCI Inc. indexes amid federal budget talks.
U.S. stocks erased losses in the final 15 minutes as investors bought shares before changes to MSCI Inc. indexes and weighed developments in budget negotiations. Commodities rose. Treasuries were little changed.
U.S. stocks pared losses in the final half hour of trading as investors debated whether the Federal Reserve will embark on another economic stimulus program. The Dollar Index touched a two-year high while commodities gained and Treasuries were little changed.
As time was running out, Knight Capital Group Inc. Chairman and Chief Executive Officer Thomas Joyce had three choices left -- accept a $500 million bailout from his biggest competitor, take an offer from a group of clients and others that would dilute owners, or go bankrupt.