June 3 (Bloomberg) -- U.S. stocks rose for a fourth day as a rally in health-care companies and optimism that the housing market is improving overshadowed concern share sales will dilute earnings at lenders seeking to pay back bailout funds. James Pallotta is closing down Raptor Global Fund, which was spun off from Tudor Investment Corp.
TOP STORIES/MOST READ ON BLOOMBERG
Brazil Finds Debris in Search for Missing Airbus
Brazilian Air Force planes searching for an Air France Airbus that disappeared yesterday over the Atlantic Ocean with 228 people on board found floating wreckage including a plane seat, oil and other debris.
BlueMountain Set to Earn $817 Million on Credit Swaps
BlueMountain Capital Management LLC, the investment firm whose founders helped pioneer credit-default swaps, expects to make $817 million on derivatives trades that are working again as financial markets heal.
Bank of America Will ‘Comfortably’ Beat Capital Goal
Bank of America Corp., the biggest U.S. lender, has raised almost all of the $33.9 billion demanded by regulators after last month’s stress tests and now expects to “comfortably exceed” that number.
James Pallotta to Shut Down Raptor Global Hedge Fund
James Pallotta is closing down Raptor Global Fund, which was spun off from Tudor Investment Corp.
MAIN ECONOMIC RELEASES TODAY Australian 1Q GDP Seen Shrinking 0.2% Vs 4Q; Down 0.4% Vs Yr Ago Indonesia Central Bank May Cut Interest Rate to 7% From 7.25% Bank of Japan Board Member Kamezaki’s Speech in Shizuoka City Australia’s Performance of Services Index for May Is Released
MAIN ANALYST UPGRADES/DOWNGRADES *PTT EXPLORATION CUT TO ‘HOLD’ FROM ‘BUY’ AT TISCO SECURITIES *TAISEI CUT TO ‘NEUTRAL’ AT MERRILL *OLAM RAISED TO ‘BUY’ FROM ‘SELL’ AT RBS *NIPPON OIL CORP. RAISED TO ‘NEUTRAL’ AT TOKAI TOKYO *SANTEN PHARMACEUTICAL RAISED TO ‘BUY’ AT MERRILL LYNCH *THK RAISED TO ‘BUY’ FROM ‘HOLD’ AT KBC *GILDEMEISTER RAISED TO ‘BUY’ FROM ‘REDUCE’ AT BHF-BANK *TAKATA RAISED TO ‘NEUTRAL’ FROM ‘SELL’ BY UBS
ASIAN MARKETS
The Nikkei 225 futures contract due in June rose 30 points to 9,755. The Hang Seng Index futures for June fell 341 to 18,349. The S&P/ASX 200 Index futures contract due in June gained 16 to 3,975 at 6:59 a.m. in Sydney.
U.S. Stocks Gain as Homebuilders, Health-Care Shares Advance
U.S. stocks rose for a fourth day as a rally in health-care companies and optimism that the housing market is improving overshadowed concern share sales will dilute earnings at lenders seeking to pay back bailout funds.
Treasuries Rise as Yields Near Six-Month High Attract Investors
Treasury 10-year notes rose on speculation the surge yesterday that brought yields to levels not seen in six months was too large to sustain.
Dollar Declines as Nations Mull Reserve Currency Alternatives
The dollar weakened beyond $1.43 against the euro for the first time in 2009 on bets record U.S. borrowing will undermine the greenback, prompting nations to consider alternatives to the world’s main reserve currency.
European Stocks Are Little Changed; Barclays Declines, VW Gains
European stocks were little changed as concern a three- month rally has outpaced expectations for earnings and economic growth offset the biggest jump in pending U.S. home sales in seven years and a surge by automakers.
European Notes Gain as Unemployment Rises, Factory Prices Slip
European two-year government notes rose after a report showed unemployment in the region climbed in April to the highest level in almost a decade, prompting speculation the recession may worsen.
Gold Gains on Weaker Dollar; Silver Touches Nine-Month High
Gold rose in New York and London as the declining dollar increased the metal’s appeal as an alternative investment. Silver climbed to a nine-month high.
Crude Oil Is Little Changed as Dollar Weakens Against Euro
Crude oil rebounded from the day’s lows, finishing little changed, as the dollar weakened against the euro, bolstering the appeal of commodities as an alternative investment.
HIGHLIGHTS FROM NEWSPAPERS
Japan Airlines to Get 100 Billion Yen Loan, Nikkei Reports
Japan Airlines Corp. will get a 100 billion yen ($1.04 billion) loan from a syndicate of Japan’s three largest banks and the government’s Development Bank of Japan, Nikkei English News reported, citing people familiar with the matter.
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