Mike Dueker, the chief economist at Russell Investments, was found dead at the side of a highway that leads to the Tacoma Narrows Bridge in Washington state, according to the Pierce County Sheriff’s Department. He was 50.
Valuations in the Standard & Poor’s 500 Index increased by the most since the financial crisis last year as 460 stocks rose, more than any year since at least 1990. Neither are reasons to bet against equities now.
Intercept Pharmaceuticals Inc., whose top owners include SAC Capital Advisors LP and Orbimed Advisors LLC, rose the most ever after a trial of its liver disease drug worked well enough for the testing to be stopped.
Steven Cohen’s SAC Capital Advisors LP, which is shutting down its investment advisory business after pleading guilty to securities fraud, was among the biggest winners today as shares of Intercept Pharmaceuticals Inc. almost quadrupled following a successful drug trial.
U.S. equities rebounded from the worst weekly slump since August and European stocks rose the most in two months amid manufacturing growth and as investors awaited the outcome of the Federal Reserve’s meeting. Brent oil jumped as Libyan rebels refused to hand over control of ports.
Cummins Inc., VMware Inc. and Chipotle Mexican Grill Inc. show that stock pickers can still outperform the market even as shares move in the same direction as benchmark indexes at near record rates, according to Birinyi Associates Inc.
ClearBridge Investments’ Richard Freeman followed drug company Alza Corp. for 28 years before buying shares in 1999, when a failed acquisition by a larger company sent shares plunging. Two years later, Johnson & Johnson bought Alza for triple the price the fund paid.