Stocks rallied on Monday amid thin trading volume as most of Europe enjoyed the end of a four-day Easter weekend.
Here’s the scoreboard:
- Dow: 20,631.88, +178.63, (0.87%)
- S&P 500: 2,348.12, +19.17, (0.82%)
- Nasdaq: 5,854.97, +49.82, (0.86%)
- 10-year yield: 2.252%, +0.024
- President Donald Trump looks set to nominate Randal Quarles to replace the outgoing Daniel Tarullo as the Federal Reserve’s point man on regulation. Or in this case, deregulation, given the president’s stated intention of doing a “big number” on the Dodd-Frank rules adopted to prevent a repeat of the 2008 financial crisis. Quarles is founder and head of private-investment firm The Cynosure Group.
- A hedge fund that told investors it couldn’t lose money is under SEC investigation, according to a Bloomberg report. Statim Holdings, a small Atlanta-based hedge fund firm, had previously been investigated by Georgia regulators starting in 2015.
- The Turkish lira surged after a slim majority voted in favour of amendments to the constitution, which grant President Recep Tayyip Erdogan “sweeping powers in the biggest overhaul of modern Turkish politics.” The currency was up by 1.08% at 3.7072 per dollar as of 3:11 p.m. ET on Monday.
- Klaus Kleinfeld, CEO of the specialty-metals maker Arconic Inc resigned following attempts by activist hedge fund Elliott Management to overthrow the company’s directors and top executives. Arconic said Kleinfeld stepped down after the board learned he had sent a letter to a senior officer of Elliott Management without consulting the board.
- China ‘s Ant Financial upped its bid for MoneyGram International Inc by over a third. Ant Financial topped a rival offer to gain approval from the US electronic payment firm’s board, although regulatory challenges remain.
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