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Paul Dykewicz

S&P 500 Posts Seventh Straight Weekly Gain as Drug Makers Rally

U.S. stocks rose, capping a seventh week of gains for the Standard & Poor’s 500 Index, after an increase in the pace of hiring increased and pharmaceutical company shares rose due to favorable decisions by European regulators. This week, the Dow advanced 0.6 percent to finish with its seventh straight weekly gain, the longest streak since January 2011.

Dow Jones Industrial Average Rebounds to Close above 16,000 for First Time

The Dow Jones Industrial Average closed above 16,000 for the first time and the Standard & Poor’s 500 Index recovered from its first three-day slump since September in today’s trading.

Stock Funds Lure Most Cash in 13 Years as Market Rallies

Investors are pouring more money into U.S. stock mutual funds than they have in 13 years, enticed by a market nearing record highs and stung by bond losses that would deepen if interest rates rise further. Stock funds gained $172 billion in the year’s first 10 months, the largest amount since they netted $272 billion in all of 2000, according to Morningstar Inc.

ECB Weighs Adopting Negative Interest Rate for Deposits

The European Central Bank (ECB) is considering a smaller-than-normal cut in the deposit rate if officials decide to take the interest rate negative for the first time, according to two people with knowledge of the debate.

Labor Department Says It Contacted Commerce on Jobs Charges

The Labor Department has contacted the Census Bureau about allegations in a New York Post article today that reported jobs data released before the 2012 presidential election were manipulated. Labor Department officials have contacted the Census Bureau about the allegations and was informed the matter has been referred to the Commerce Department for an investigation.

OECD Cuts Global Growth Outlook on Emerging-Market Slowdown

The Organization for Economic Cooperation and Development cut its global growth forecasts for this year and next year to reflect the cooling of emerging-market economies, including India and Brazil. The world’s economy probably will expand 2.7 percent this year and 3.6 percent next year, instead of the 3.1 percent and and 4 percent, respectively, predicted by OECD in May.