Wells Capital News
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Investors may still find value in speculative-grade corporate bonds paying record-low yields as a falling default rate curbs the risk of losses, according to Margie Patel, a money manager at Wells Capital Management Inc.
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The Standard & Poor’s 500 Index retreated from a record amid concern the Federal Reserve will scale back its stimulus efforts. Gold and silver advanced as Moody’s Investors Service warned the U.S. rating may be cut. The yen rebounded from the weakest level since 2008.
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The most-indebted U.S. companies are rallying more than any time in almost four years compared with the rest of the stock market amid the broadest rally since at least 1995.
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Hedge funds increased bets on lower gold prices after investors pulled a record $20.8 billion from bullion funds this year while BlackRock Inc., the world’s biggest money manager, said it’s still bullish.
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Investors betting on the takeover of Pittsburgh’s West Penn Allegheny Health System, whose 2007 tax- exempt junk deal is the biggest for a U.S. hospital in more than two decades, are benefiting from a four-year rally in such debt.
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American companies with earnings least tied to the economy are beating so-called cyclical shares by the widest margin since August 2011, a sign that almost always means a bull market will accelerate.
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U.S. technology stocks, the second- best industry of the past decade, have fallen to the cheapest levels in at least seven years and are vulnerable to more losses as analysts reduce second-quarter profit estimates.
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Philadelphia, which has the lowest credit grade among the five most-populous U.S. cities, is planning its largest general-obligation issue on record after holding an unprecedented closed-door conference to draw buyers.
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The worst-performing part of the municipal market is drawing buyers as bankrupt Stockton, California’s attempt to stick investors with a loss heightens the appeal of debt backed by revenue from services such as water and electricity.
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Capitulating bears and overseas buyers are drowning out every other concern for American stocks, pushing the Standard & Poor’s 500 Index to successive records even after the biggest drop in Treasury yields since June.
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