Citigroup Inc (C), Bank of America Corp (BAC): Today’s Top Five Financial Stories

4. SAC Capital
Good Friday wasn’t quite as good for SAC Capital, the massive hedge fund run by Steven A. Cohen that’s being pursued by federal authorities for insider trading. The day before, a federal judge rejected a $602-million civil settlement between the fund and the Securities and Exchange Commission. According to U.S. District Court Judge Victor Marrero: “There is something counterintuitive and incongruous in a party agreeing to settle a case for $600 million — that might cost $1 million to defend and litigate — if it truly did nothing wrong.” Then on Friday, one of the fund’s chief lieutenants was arrested, potentially adding to the growing number of insiders who may eventually testify against Cohen himself.

5. Data
Finally, the data out today points to a mixed economic picture. China’s economy appears to be on the mend. As noted by Reuters, the country’s official manufacturing purchasing managers’ index rose to an 11-month high of 50.9 — a reading above 50 suggests expansion. And a separate survey by global bank HSBC Holdings plc (ADR) (NYSE:HBC) estimated a final PMI of 51.6 last month, up from 50.4 in February. On the domestic front, meanwhile, the ISM manufacturing index came in at 51.3 compared to a consensus forecast of 54.2 while construction spending was up 1.2% in February, beating expectations by 20 basis points.

The article Today’s Top 5 Financial Stories originally appeared on Fool.com.

John Maxfield owns shares of Bank of America. The Motley Fool recommends Wells Fargo. The Motley Fool owns shares of Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo.

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