The euro rallied the most in three weeks against the dollar as German industrial production unexpectedly rose for a second month in March, a sign that Europe’s largest economy may be returning to growth.
Stocks rose, sending the Standard & Poor’s 500 Index to a record for a fifth day, amid better-than- projected earnings forecasts. European shares and metals gained as China’s trade and German industrial output beat estimates.
Stanley Druckenmiller, the billionaire hedge-fund manager who returned an average of 30 percent a year from 1986 through 2010, said the long rally by commodities is over as China switches to consumption-led growth rather than investing in infrastructure.
Stanley Druckenmiller, one of the best-performing hedge-fund managers of the past three decades and an avid golfer, is among those who gave a total of $6.8 million to the Masters Tournament Foundation in 2011.
Hedge-fund icon Stanley Druckenmiller is quitting the business after three decades, telling investors he’d been worn down by the stress of trying to maintain one of the best trading records in the industry while managing an “enormous amount of capital.”