News > Capital Markets

Daily Scan: Stocks steady; Flooding hits East Coast

By NexChange
Capital Markets

Updated throughout the day

September 29

Good evening, U.S. stocks steadied a bit Tuesday, with the Dow posting a 0.3% gain. The S&P 500 squeaked by with an additional 0.1%, and the Nasdaq fell 0.6%. Oil was up about 1%, closing just short of $45/barrel. The Stoxx Europe 600 lost 0.7% Tuesday. Glencore's shares rallied up to 20% Tuesday as the company assured investors its finances are solid. Valeant Pharmaceuticals is getting hit hard, and it's taking down Pershing Square Capital Management and ValueAct Capital Management with it. Valeant's stocks dropped 17% Monday, and continued to slide more than 5% Tuesday. Don't forget: the new month starts Thursday.

Here is what else you need to know:

Floods coming. Portions of 11 eastern U.S. states are under flood watches through late Thursday. Heavy rain is already hitting North Carolina and Virginia, and could spread up to New England. CNN

Japan Tobacco to buy non-U.S. rights to Natural American Spirit. The Japanese company will purchase the cigarettes from Reynolds American for about $5 billion. Japan Tobacco's Japanese market is shrinking, and Reynolds is willing to hand over some of its debt after it acquired Lorillard for $25 billion in June. Wall Street Journal

Pope's security breached. A 39-year-old man impersonated an officer and drove his black SUV along a motorcade to get access to Pope Francis on the JFK tarmac Saturday. The man arrived about 10 hours after the pope had left, but he said he wanted to give the pope his business card and talk to him about changing the world. CNN

U.S. still on track for 2015 rate hike. William Dudley, president of the Federal Reserve Bank of New York, said Monday the central bank is likely to raise short-term interest rates this year, echoing Chairwoman Janet Yellen’s message last week. Wall Street Journal

U.S. launches airstrike after Taliban assault on Afghan city. US forces carried out the airstrike on the northern Afghan city of Kunduz today after after Taliban insurgents fought their way into the major city. The Washington Post
China angered by Hillary Clinton tweet on women's rights. From calling her a "big mouth" to making Monica Lewinsky jokes, China has reacted furiously at US presidential candidate Hillary Clinton's recent comments about China's record on women's rights. Clinton said in a tweet that China President Xi Jinping was "shameless" for hosting a UN conference on women's rights. BBC
China’s offshore yuan softens versus US dollar. The offshore yuan softened against the US dollar today, at one point trading at a premium against the same day’s mid-price fix for the first time since November. At 6.3710 against the greenback, the offshore yuan was weaker by 130 basis points from Monday’s close, ending the currency’s longest winning streak in one month. South

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