“U.S. stocks advanced, snapping a three-day decline for the Standard & Poor’s 500 Index, as investors speculated President Barack Obama’s plan to inject more than $300 billion into the economy will bolster growth,” Rita Nazareth reports for Bloomberg.
Nazareth reports, “Benchmark gauges rebounded today amid expectations that a stagnant labor market and bleaker business and consumer sentiment may require more effort from President Obama and Federal Reserve Chairman Ben S. Bernanke to spur growth. Obama plans to unveil his proposals for promoting job growth in an address to a joint session of Congress tomorrow… Obama plans to propose sparking job growth by injecting more than $300 billion into the economy next year, mostly through tax cuts, infrastructure spending and direct aid to state and local governments… The Dow lost 4.1 percent in the first three days of this month. That’s the worst start to September since 2002 and the fourth-worst ever for the Dow, according to data dating back to 1896 compiled by Bloomberg.”
“Apple Inc. (AAPL) was the most-held stock among the top 50 hedge funds in the second quarter, while Wells Fargo & Co. and Merck & Co. were the companies most-owned by the biggest equity mutual funds, according to Citigroup Inc.,” Nazareth reports.
“Cupertino, California-based Apple has held the top position in the hedge-fund category since the third quarter of 2010, Tobias Levkovich, Citigroup’s chief U.S. equity strategist, wrote in a Sept. 6 note. It’s owned by 16 of the 50 largest U.S. hedge funds. Wells Fargo, based in San Francisco, and Whitehouse Station, New Jersey-based Merck were owned by 17 of the largest 50 mutual funds in the three months ended June 30,” Nazareth reports. “‘Apple retains the top spot for both growth and value hedge funds,’ Levkovich wrote. ‘The overlap in top stocks for these two investment styles implies a degree of consensus within the hedge-fund world and possibly a break from some firms’ traditional investment styles.'”
Read more in the full article here.
[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]