Latest Business News: Publicis, Omnicom to Merge to Create Advertising Giant

Wochit 1:07 mins

Publicis and Omnicom have announced-merger-plans-to-create-the-world's-biggest-advertising-group,worth $35.1 billion, a tie-up that could put pressure on rivals to do deals to keep pace. Last December's showdown over tax policy, while unpleasant, turned out to be just a minor speed bump for the U.S. stock market, which raced to record highs after Congress struck a last-minute deal on New Year's Day.But with investors already nervous about the Federal Reserve's plan to start scaling back its stimulus program, another fiscal policy standoff could be more disruptive this time around. NO major financial firm has survived a criminal indictment, and with SAC Capital Advisors facing insider trading charges, this gigantic hedge fund founded and run by Steven A. Cohen may have to unwind its portfolio. At last count, SAC Capital had roughly $14 billion under management; a little more than half belongs to Cohen

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