Business

U.S. stocks pulled back on Monday from early highs that included a Nasdaq record by afternoon trading as concerns over the timing and size of fiscal stimulus curbed optimism about the start of a week of earning reports from mega-cap companies.

U.S. corporate share buyback levels are slowly increasing after last year's pandemic-driven drop-off in spending, and investors are eager to see how much buybacks may support market gains.

The world economy is expected to make a modest recovery of 4.7 percent this year after shrinking 4.3 percent in 2020 due to the COVID-19 pandemic - more than double the impact of the global financial crisis in 2009 - the United Nations said on Monday.

A blank-check firm backed by prominent investor Bill Foley has agreed to take Alight Solutions LLC, the U.S. benefits services provider owned by buyout firm Blackstone Group, public in a deal valued at $7.3 billion, the companies said on Monday.

Europe is set to lift a 22-month flight ban on the Boeing 737 MAX this week after reviewing submissions by industry experts and whistleblowers, angering relatives of some of the 346 crash victims, who say the move is premature.

Wall Street is abuzz about stock market bubbles as surges in the share prices of some loss-making firms, red-hot public markets and amateur investors chasing stocks at frothy valuations spark fears of a pullback.