Global stocks dropped from a five- year high, with shares in Europe halting the longest rally in 40 months, as oil and copper tumbled after China’s money-market rates jumped. The yen and Treasuries rose and the dollar rebounded from an almost two-year low versus the euro.
Canadian stocks rose a seventh day, heading for the longest streak since 2010, as railroad shares hit record highs and the Bank of Canada surprised investors by removing its bias toward tightening monetary policy.
Boeing Co., the world’s largest planemaker, rose the most in the Dow Jones Industrial Average after boosting its 2013 profit forecast and beating analysts’ third-quarter estimates with an increase in jetliner deliveries.
U.S. stocks declined, with the Standard & Poor’s 500 Index falling from a record, as valuations reached an almost four-year high and forecasts at companies from Caterpillar Inc. to Broadcom Corp. disappointed investors.
Pacific Investment Management Co. doesn’t hold Puerto Rico debt in its tax-free funds, and the company predicts that a lack of improvement in the island’s finances may increase volatility in other municipal securities.
Steve Schwarzman’s Blackstone Group LP has spent $7.5 billion acquiring 40,000 houses in the past two years to create the largest single-family rental business in the U.S. The private-equity firm is now planning to sell bonds backed by lease payments, the latest step in turning a small business into a mature industry.