Stocks

Archegos hit tops $10B after UBS, Nomura losses

The battering to Wall Street banks from Archegos Capital Management topped $10 billion after UBS Group AG and Nomura Holdings Inc. reported fresh hits caused by the fund’s collapse.

Dow up 227 points, S&P just shy of record

U.S. equity markets rallied Friday as investors digested strong economic data and continued to weigh the impact of President Biden’s expected proposal to hike the capital gains tax rate.