Business Today: Wall Street suffers worst drop since June after weak data

	Click to View in Browser 02/3/2014 Wall Street suffers worst drop since June after weak data NEW YORK (Reuters) - U.S. stocks slumped on Monday, with the S&P 500 suffering its worst drop since June, after weaker-than-expected data on the factory sector in the world's largest economy provided investors with the latest reason to move away from riskier assets. Factory, construction spending data hint at slowing economy NEW YORK (Reuters) - U.S. manufacturing activity slowed sharply in January on the back of the biggest drop in new orders in 33 years while construction spending barely rose in December, pointing to some loss of steam in the economy. U.S. asks jurors to convict SAC's Martoma NEW YORK (Reuters) - Mathew Martoma sought out a "canary in the coal mine" to give him inside information on drug companies, a federal prosecutor said on Monday, urging jurors to convict the former SAC Capital Advisors portfolio manager of insider trading. Ackman questions Herbalife recruiting tactics on new website BOSTON (Reuters) - Billionaire investor William Ackman on Monday charged that Herbalife, a seller of nutrition and weight-loss products, found new distributors through a business that had been convicted in Canada of running an illegal pyramid scheme. GM, Ford sales stall DETROIT (Reuters) - Four of the top five U.S. auto sellers on Monday blamed extreme winter weather for poorer-than-expected sales in January, as analysts and executives predicted a rebound in February and March. Yellen sworn in as first woman Fed chair WASHINGTON (Reuters) - Janet Yellen was sworn in Monday to a term as chair of the U.S. central bank, the Federal Reserve said in a statement. Bernanke starts new job at Brookings after weekend off NEW YORK (Reuters) - Former Federal Reserve Chairman Ben Bernanke began his new job at the Brookings Institution on Monday, wasting no time getting back to work just three days after ending his tenure as head of the world's most powerful central bank. Analysis: Emerging markets outlook not rosy, but valuations tempt NEW YORK (Reuters) - Emerging markets were facing headwinds going into 2014, but January's rout surprised even the gloomiest of investors, with big declines in stocks, bonds, and currencies. Bank of America hikes top European bankers' pay to counter bonus cap LONDON (Reuters) - Bank of America Merrill Lynch is raising salaries for some of its senior bankers by about 20 percent, a person familiar with the matter said on Monday, to get around a new European Union cap on pay. Exclusive: Nestle reviewing possible sale of frozen food unit Davigel -sources LONDON (Reuters) - Nestle is exploring a possible sale of frozen foods business Davigel for about 300 million euros ($400 million), three sources familiar with the matter told Reuters on Monday, as part of a drive to trim its sprawling portfolio. Related Video Platinum strikes could mean more cuts Breakingviews: Paul Allen's biggest win since Microsoft Economic News Yellen sworn in as first woman Fed chair Factory, construction spending data hint at slowing economy A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend