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Closing Bell: MetLife Not Too-Big-to-Fail; U.S. Stocks at 2016 Highs

The Federal Reserve rally that pushed stocks back into positive territory spilled into day two.

The Federal Reserve rally that pushed stocks back into positive territory spilled into day two. The S&P 500 and Dow Jones Industrial Average closed at their best level of the year, though they were off session highs as a surge in crude ran out of steam. Insurance giant Metlife (MET) climbed after a federal judge ruled that it was not a too-big-to-fail institution that would require compliance with higher levels of scrutiny and regulation. The reason for the ruling remains under seal. Valeant Pharmaceuticals (VRX) sank after asking its lenders for another month to file its annual report. The drugmaker said it had not yet finished a review into accounting problems tied to its distributor Philidor, but was confident in its current liquidity position. Boeing (BA) announced plans to cut 4,000 jobs earlier today, but two sources familiar with the matter report the target is actually double that.

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