Stocks rose, sending the Dow Jones Industrial Average to a record, and Treasuries gained as Federal Reserve officials said weakness in the U.S. economy warrants continued stimulus. Oil led commodities up from a four-month low while the yen and dollar weakened.
Billionaire Steven Cohen’s SAC Capital Advisors LP, the hedge fund firm accused of fostering a culture of rampant insider trading, has agreed to plead guilty to a federal indictment and pay $1.8 billion, the U.S. said.
SAC Capital Advisors LP will plead guilty to securities fraud as soon as today, the biggest hedge-fund firm to resolve charges in the U.S. government’s six-year crackdown on insider trading, according to a person familiar with the matter.
While one estimate put holiday sales gains at only 0.7 percent, retailers from Macy’s Inc. to Abercrombie & Fitch Co. controlled inventories heading into the holidays, enabling them to limit discounts.