U.S. stocks fell, pulling the Standard & Poor’s 500 Index down from a record, and the yen strengthened as concern American lawmakers will fail to reach a budget deal overshadowed better-than-estimated economic data. Oil, gold and coffee led commodity gains as the dollar weakened.
U.S. stocks fell, after the Standard & Poor’s 500 Index reached a record, as investors weighed federal budget negotiations and better-than-estimated economic data to gauge the timing of any Federal Reserve stimulus cuts.
Radio and outdoor advertising company Clear Channel Communications Inc. increased the amount of loans on which it’s seeking to extend maturities. Sysco Corp. obtained a financing commitment of $4.75 billion to back its purchase of US Foods.
Lululemon Athletica Inc. is looking to Laurent Potdevin, an outsider who hasn’t run a major retail chain, to lead the yoga-wear seller at a time when it needs to smooth out operations and expand its international presence.
Fifth & Pacific Cos. agreed to sell its Lucky Brand Jeans division to private-equity firm Leonard Green & Partners LP for $225 million, part of a plan to divest assets and focus on the Kate Spade label.
Sales of investment-grade corporate bonds in the U.S. reached an all-time high for a second straight year as issuers took advantage of borrowing costs that touched record lows to offer deals of unprecedented size.