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Two private equity firms have backed out of their $8 billion buyout of upscale audio equipment maker Harman International Industries, making it the latest in a string of such deals to run into trouble amid tightening global credit conditions.
Stocks closed higher after strong corporate earnings and a weaker yen encouraged investors already re-energized by recent rate cuts by the Federal Reserve. "With the yen weaker today you're seeing some money flow back into some of the riskier assets, U.S. stocks included," said David Lutz, senior trader at Stifel Nicolaus.
No economic data today but it is quadruple witching expiration, the quarterly S&P rebalancing, and we are approaching the end of the quarter. The good news: for all the worries, the S&P 500 is up 1.02% for the quarter (as of yesterday). The bad news: without the big gains in energy, the index would be down 0.05%. Energy is the biggest sector gainer, up 9.8%.
U.S. private investment firm Kohlberg Kravis Roberts & Co (KKR) won competition clearance from the European Commission on Wednesday to buy audio equipment maker Harman International Industries for some $8 billion.
Audio-equipment maker Harman International Industries said on Thursday it would be acquired by Kohlberg Kravis Roberts and Goldman Sachs' private equity arm for about $8 billion.