The NASDAQ Composite Index has lost four percentage points in two and half days, led lower by technology and biotechnology. These have been the momentum darlings over the past year. What a difference a month makes.
U.S. stocks fell, after benchmark indexes climbed to records, while Treasuries rose before the government releases its monthly jobs report. The euro weakened as the region’s central bank said it’s prepared to take action to head off deflation.
Author Michael Lewis joined us on Surveillance this morning to discuss his latest best seller, "Flash Boys: A Wall Street Revolt." While the recent 60 Minutes interview focused on his assertion that "the stock market is rigged," we elected to discuss the differentiating technology generating out-sized profits among high-frequency traders. Here's what he told us:
Asian stocks rose, with the regional benchmark index posting its longest winning streak in seven weeks, after an increase in U.S. manufacturing boosted optimism about growth in the world’s biggest economy.
Exchange-traded funds that target financial firms were whipsawed as Federal Reserve Chair Janet Yellen’s remarks on interest rates left investors struggling to gauge how soon future increases will help U.S. bank profits.
U.S. stocks climbed, with the Standard & Poor’s 500 Index posting a fifth quarterly gain, as Federal Reserve Chair Janet Yellen signaled continued monetary support and tensions appeared to ease in Ukraine.
The polar vortex that blanketed big swaths of the U.S. with snow this winter is also giving cover to companies seeking to explain why earnings rose last quarter at the slowest pace in almost two years.