AVOCA Capital Holdings is planning to use a record cash hoard to buy high-yield debt that has plummeted 8.4% since July, the co-founder of the €6 billion Dublin-based fund said.

A jittery Wall Street advanced today, reversing some of Friday’s sharp losses as investors took a dismal new home sales report as a sign the Federal Reserve will lower rates this week.

Wall Street advanced today as expectations for an interest rate cut from the US Federal Reserve and an uptick in pending home sales helped offset concerns about another round of subprime mortgage-related losses.

Wall Street gave up a big advance and turned lower today as investors suffered a renewed case of the jitters ahead of the Federal Reserve’s meeting on interest rates later this week.

Wall Street ended a volatile week with a sharp decline today as investors again succumbed to nervousness about rising interest rates and souring subprime loans. The Dow Jones industrial average fell more than 185 points.

Wall Street reached another milestone during a muted session today, when the Standard & Poor's 500 index briefly passed its record close of 1,527.46 for the first time in more than seven years.

Diageo PLC is seeking bids of more than stg£1.4bn for Burger King by the end of next week, sources say.