Charles Fernandez, the number two executive at Bruce Berkowitz’s Fairholme Capital Management LLC, resigned from the Miami-based fund company.
U.S. stocks rose this week, driving the Standard & Poor’s 500 Index to its longest winning streak since February, amid optimism Europe’s leaders will announce a plan to contain the debt crisis and after McDonald’s Corp. joined companies beating profit estimates.
Treasury 10-year notes gained for the first time in a month as concern European leaders may not reach agreement on containing the region’s sovereign debt crisis spurred demand for the safety of U.S. government securities.
The euro dropped the most against the Swiss franc in almost two months and fell versus the yen as European leaders prepared for two summits over the next four days to battle the sovereign debt crisis.
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