NEW YORK (AP) — The U.S. stock market is edging higher in quiet trading ahead of the Memorial Day weekend. The Standard & Poor’s 500 index rose two points, or 0.1 percent, to 1,894 in the first few minutes of trading today. The Dow Jones industrial average rose 36 points, or 0.2 percent, to 16,580. The Nasdaq composite rose three points, or 0.1 percent, to 4,158. Foot Locker rose 2 percent after reporting a 17 percent increase in its latest quarterly earnings. Video game seller GameStop also beat expectations.
WASHINGTON (AP) — Sales of U.S. new homes recovered in April after slumping in the previous two months. But Americans are still buying new homes at a slower pace. The Commerce Department says sales of new homes rose 6.4 percent last month to a seasonally adjusted annual rate of 433,000. That compares with a revised annual pace of 407,000 in March, when purchases fell 6.9 percent. Buying had dropped 4.4 percent in February. April sales surged in the Midwest and edged up in the South. It was flat in the West and fell in the Northeast. The median sales price fell a slight 2.1 percent during the past month to $275,800.
LONDON (AP) — Barclays Bank Chief Executive Antony Jenkins says the bank regrets the situation that led to a big fine. Barclays has been fined by British regulators for management failings that allowed an employee to make inappropriate trades in the gold market. The Financial Conduct Authority imposed a 26 million pound ($43.7 million) fine today.
UNDATED (AP) — Greece and Spain got some good news today. Standard & Poor’s rating agency has upgraded Spain’s sovereign credit grade a notch, the third agency to do so in recent months and a further sign the country is turning the corner after five years of economic turmoil. Meanwhile, Fitch ratings agency has upgraded Greece’s sovereign debt rating by one notch, citing the country’s improved deficit figures.
DETROIT (AP) — About 110,000 older Ram pickup trucks made by Chrysler are under the microscope. U.S. safety regulators say they are investigating trucks with manual transmissions because the engines can be started without the clutch being depressed. Three complaints include one fatality. Cars sold by Suzuki are facing a U.S. recall. The company is recalling more than 184,000 small cars in the U.S. because the steering columns can catch fire. The recall covers Forenza models from 2004 through 2008 and Reno models from 2005 through 2008. Both vehicles by General Motors.
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