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Bad news from the IRS, textbook publishers’ woes, and Johnson & Johnson’s big bond sale.

Here are today’s biggest headlines, including updates on Gold’s recent rally, the stock market frenzy in China, and Bill Ackman’s blank-check IPO

What the hell is going on? While U.S. equities continue to appear calm and stable, a look at the U.S. credit markets reveal that chaos is still roiling beneath the surface.