The stock market got off to a rough start to October on Wednesday. The Dow Jones industrial average dropped nearly 240 points as investors reacted to a round of negative economic news.
Investors in the initial public offering of Pershing Square Holdings Ltd. (PSH), one of the funds managed by activist investor Bill Ackman, saw the value of two of his holdings plunge within hours of the sale closing.
Dwindling demand cut factory activity across much of Asia and Europe in September, sending it to multi-month lows and raising the chances that global growth will slow in the months ahead.
Brent and West Texas Intermediate headed for the biggest quarterly decline in more than two years as abundant crude supplies offset the risk of disruption from conflict in the Middle East.
Bank of America Corp. (BAC) elected Chief Executive Officer Brian T. Moynihan chairman of the board after he helped lead the company through legal disputes tied to the financial crisis.