The idea was simple: Nile Niami would build and sell The One, the biggest and most extravagant new home in the country. Then things went sideways.
The market’s widespread gains weren’t enough to make up for a dismal last few days. The S&P 500 suffered a weekly loss of 2.2%, its worst since February. A swift rise in interest rates earlier this week rattled the market and forced a reassessment of whether stocks had grown too expensive, particularly the most popular ones.
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