The Shanghai Composite Index dropped 2.2 percent in April, the yuan fell 0.6 percent versus the dollar, while government and corporate bonds tumbled, with the five-year sovereign yield rising 27 basis points. Even a sudden revival in the nation's commodities markets is looking fragile after frenzied speculation prompted exchanges to take measures to cool trading.
Gregory Nassour helps run almost $100 billion in U.S. bond mutual fund money -- more than star managers such as Dan Fuss of Loomis Sayles, DoubleLine Capital's Jeffrey Gundlach or Daniel Ivascyn at Pimco. Nassour, who oversees more active bond assets than anyone at the firm, manages or co-manages six different funds.
U.S. stocks fell, with the Standard & Poor's 500 Index headed for the worst two-day drop since February, amid lackluster earnings and few signs of a pickup in economic growth. Equities continued to be jostled by corporate reports, with Gilead Sciences Inc. retreating 8.7 percent, the biggest drag on the S&P 500 after its profit missed estimates on lower-than-expected sales of its hepatitis C treatments.
On Friday the market upswing became the second-longest in American history, surpassing the streak that spanned 1949 to 1956. It's been a remarkable rebound from the scary days of 2008 and early 2009 when fears of a collapse of the financial system caused stocks to crater.
Long-term U.S. mortgage rates rose this week, lifting from their 2016 lows but remaining historically low during the spring home-buying season. Mortgage buyer Freddie Mac said Thursday the average 30-year fixed-rate mortgage increased to 3.66 percent from 3.59 percent last week.
Stocks are opening broadly lower on Wall Street as traders look over the latest batch of earnings and deal news. . Specialists John O'Hara, foreground, and Frank Masiello work on the floor of the New York Stock Exchange, Thursday, April 28, 2016.
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