Mixed signals…Overseas markets higher…Pot business banking

NEW YORK (AP) — Investors have been getting mixed signals on the economy. Most companies that have offered second quarter forecasts have warned of weaker earnings. But yesterday, the stock market was buoyed by Federal Reserve Chair Janet Yellen. She said the Fed will likely keep borrowing rates low for a “considerable time.” The S&P 500 and the Dow finished higher. But the Nasdaq fell.

SEOUL, South Korea (AP) — Global stock markets are mostly higher on news that China’s trade has improved and Federal Reserve Chair Janet Yellen’s comments yesterday that low interest rates will continue until the U.S. job market is healthy. European shares have opened higher, while Japan’s Nikkei led the way in Asia, closing up 0.9 percent. Oil prices are down this morning, as is the dollar against both the euro and the yen.

UNDATED (AP) — The government will release number on weekly jobless claims today. Also, Freddie Mac will update mortgage rates and selected chain retailers will release their April sales numbers. Wendy’s will report quarterly financial results before the market opens. After the close, investors will hear from CBS and News Corp.

FRANKFURT, Germany (AP) — The European Central Bank’s rate-setting council meets today in Brussels, but analysts aren’t expecting any new stimulus measures for the 18 countries that use the euro currency. ECB President Mario Draghi (DRAHG’-ee) says the bank is ready to provide stimulus if things start looking worse, but recent surveys show the eurozone’s economic outlook looking a bit brighter lately.

UNDATED (AP) — Now that they’ve legalized marijuana, Colorado lawmakers say the pot industry needs help to break from its cash-only roots. Lawmaker’s have approved a plan to create a network of uninsured cooperatives that would provide marijuana businesses access to basic banking services. The U.S. Treasury has tried to assure banks they can serve the pot businesses under certain conditions without running afoul of federal law, which considers pot illegal. But most banks still refuse to work with pot businesses, saying the rules aren’t clear.

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