The S&P 500 closed at its highest level since May 2008 after Fed chairman Ben Bernanke hinted the US central bank would keep in place its supportive monetary policy.

Few VCTs are upbeat nowadays - they are either fretting over the state of their portfolio, or their next fund, but one manager has just experienced a record number of deals.

Prudential has been forced on the defensive over an e-mail sent to thousands of staff in which a senior executive appears to make a series of disparaging remarks about FSA policies.

Allen Stanford, the financier convicted of running an estimated $7bn Ponzi scheme, has called for a new trial, blaming the media's use of Twitter in the courtroom and a lack of time to prepare his defense.

VCTs

BUDGET 2012

Giant bond fund PIMCO warned Europe has not got its debt crisis under control and will soon face a "second Greece" in Portugal.

REGULATION

The Dow Jones soared to its highest level since December 2007 yesterday, despite the news four banks had failed stress tests.

M&G bond manager Mike Riddell and his team have taken exposure to global index-linked bonds to their highest ever levels in the view inflation risks have not been priced into the market.