Two things explain why the biggest gains in the U.S. stock market this year are coming from companies without profits, according to Jeff Mortimer of BNY Mellon Wealth Management: Greed, and fear of missing out.
Most U.S. stocks rose, with the Standard & Poor’s 500 Index climbing to within eight points of a record, as a $25 billion deal to acquire Forest Laboratories Inc. offset slower growth in New York-area manufacturing.
Nexon Co., the Japanese maker of online games including “MapleStory” and “Combat Arms,” named American Owen Mahoney chief executive officer as it seeks growth and acquisitions in the U.S. and other Western markets.
Twitter Inc. posted slowing user growth and a net loss that was wider than analysts’ estimates in its first earnings report as a public company, sending shares down as much as 19 percent in extended trading.
U.S. employers probably added more than twice as many workers to payrolls in January than the prior month while the jobless rate held at a five-year low of 6.7 percent, data in the coming week may show.