Fed giving more time for comments on Goldman’s planned buy of GE unit

WASHINGTON (MarketWatch) — The Federal Reserve said it’s giving more time for comments on Goldman Sachs’s proposed acquisition of General Electric’s online bank that had about $16 billion in assets. The Fed said the extension will allow comments on whether the deal meets the Bank Merger Act, which sets standards on the convenience and needs of the communities to be served, the effects of the proposal on the stability of the U.S. banking or financial system, the financial and managerial resources and future prospects of the institutions involved in the proposal, and competition in the relevant markets. The new comment period will end on Oct. 30.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

S&P 500 logs 5-session win streak as stocks rally

The Dow Jones Industrial Average scored its biggest daily gain in about a month, jumping more than 300 points as industrials led the rally on Monday. The S&P 500 finished with gains for the fifth straight session, its longest winning stretch since last December. The S&P 500 closed 35.69 points, or 1.8%, higher at 1,987.05. The Dow Jones Industrial Average jumped 304.06 points, or 1.9%, to 16,776.43. The Nasdaq Composite advanced 73.49 points, or 1.6%, to 4,781.26 and turned positive for the year.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

S&P 500 on track for longest winning streak in 2015

The S&P 500 is winning–at least in the short term. The broad stock-market index is on pace to register five days of gains, the first time it has seen such a relatively lengthy stretch of consecutive advances since the five-day period ended Dec. 23, 2014, when the S&P 500 settled at 2,082.17. For the S&P 500, the march higher follows a five-day losing streak capped on Sept. 28 by the indexes’ fourth-worst percentage drop of 2014, down 2.6%, according to FactSet data. Still, the index, while well off its lows, is nearly 150 points, or roughly 7%, short of its May 21 peak, when the S&P 500 finished at 2,130.82. The S&P 500 was up 32 points, or 1.7%, at 1,983.46 with less than two hours to go in Monday trade. The Dow Jones Industrial Average was enjoying its own rally, up 260 points, or 1.6%, at 16,730. The longest winning streak recently for the blue-chips benchmark had been four-days of positive moves ended July 14. The Nasdaq Composite , which was 64 points, or 1.4%, higher Monday, also saw its longest period of gains during that same stretch in July. Stocks have been volatile due to fears about the end of the Federal Reserve’s easy-money policies and worries that a global-market slowdown could harm the U.S. economy.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Biotechs sell off, drag health-care sector lower

Health-care sector stocks gave up early gains and turned negative in afternoon trade Monday, driven by solid losses in biotechnology stocks, while the broader stock market continued to climb. The S&P 500 health-care sector is the only one in negative territory, down 0.4%, while the broader market is up 1.5% to 1,980. The selloff in biotechs breaks a three-day winning streak. The iShares Nasdaq Biotechnology ETF was down 1.7%, giving up nearly half of Friday’s big gains. The biotech index is still up 2.2% year to date, after a 34% gain in 2014 and a 65% gain in 2013.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Glencore jumps 68% in five days for two-week high

Shares of Glencore PLC have rallied 68% over the five past sessions as reassurances from management and speculation of asset sales have drawn investors back to the beaten-down stock. The shares rallied 21% on Monday alone after reports the embattled mining giant might sell its agricultural assets to reduce debt. The stock surged more than 70% at one point in Asian trade, prompting the Stock Exchange in Hong Kong to ask the company for an explanation. However, the commodities company said “it is not aware of any reasons for these price and volume movements.” The mining and energy-trading giant also said it “has taken proactive steps to position our company to withstand current commodity market conditions.” Concerns of a global economic down have caused commodity prices to crater over the past several weeks and have taken down the commodity-focused firm along for the ride. The London-listed shares closed at the highest level in two weeks on Monday, more than recovering from their29% slide posted last Monday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

City Sports files for Chapter 11 bankruptcy protection

City Sports Inc. filed for Chapter 11 bankruptcy protection Monday, with assets and liabilities of between $10 million and $50 million. The filing, made in the United States Bankruptcy Court in the District of Delaware, lists the sporting retailer’s biggest creditors as Nike USA Inc. , which is owed $1.27 million, Under Armour Inc. , owed $1.03 million, Asics America Corp. , owed $1.03 million and Patagonia Inc., which is owed $1.01 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

3-month Treasury bills sold at record low 0% yield

Investors on Monday bought $21 billion in three-month Treasury bills at a yield of zero, the lowest yield at a three-month Treasury auction ever recorded. Despite the record-low yield, demand was the strongest in over three months, as the bid-to-cover ratio, which is a widely used measure of demand, was the highest since late June, according to data from Jefferies. The three-month Treasury yield in the secondary market was slightly higher than that of the auction at 0.003%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

SEC fines Bristol-Myers Squibb $14 million for allegedly bribing Chinese doctors

The Securities and Exchange Commission charged Bristol-Myers Squibb with violations of the Foreign Corrupt Practices Act for illegal cash payments and other benefits provided by its joint venture in China to health care providers at state-owned and state-controlled hospitals. The payments were made to gain more than $11 million in profits from prescription sales to those hospitals. BMS China sales representatives gave state-run Chinese health care providers cash, jewelry and other gifts, meals, travel, entertainment, and sponsorships for conferences and meetings, the SEC said. BMS China then recorded the bribes as legitimate business expenses. Bristol-Myers Squibb will pay more than $14 million to report to the SEC for a two-year period on the status of its remediation and implementation of anti-corruption compliance measures. The company did not admit or deny the allegations.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

Fandango hopes to bring virtual reality to movie theaters with new venture

Online movie ticket retailer Fandango, owned by Comcast Corp.’s NBCUniversal said on Monday that it plans to launch a research and development segment charged with innovation in the moviegoing experience. The new unit, called FandangoLabs, has enlisted leaders in the film and technology industries to serve on its advisory board, including New York-based design firm IDEO’s media and technology portfolio director Jennifer Panaski, Walt Disney Co.’s executive vice president of theatrical distribution Dave Hollis and founder and Chief Operating Officer of Blumhouse productions Jason Blum. Along with representation on the board, IDEO will serve as FandangoLabs’ innovation partner. The company hopes to utilize new technologies to explore the potential in augmented and virtual reality, social commerce and interactive video, according to a news release. Fandango, which sells tickets online to 27,000 screens nationwide, hopes to release its first FandangoLab products in 2016.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News

BP to pay $20.8 billion to settle civil suits from U.S., five states

WASHINGTON (MarketWatch) — BP will pay $20.8 billion to settle civil suits from the federal government and five states. The suits cover violations of the Clean Water Act and natural resources damage claims under the Oil Pollution Act, as well as economic damage claims of the five Gulf states and local governments. It is the largest settlement with a single entity in the Department of Justice’s history.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

…read more

From:: Stock Market News