NEW YORK (AP) — Stocks are moving lower in early trading on Wall Street, the morning after the Standard & Poor’s 500 index set an all-time closing high by a fraction of point. The S&P 500 traded above 1,900 for the first time yesterday, closing just below that level. Stocks have been gaining on growing optimism that the economy will start to accelerate this year following a cold winter that stymied growth.
WASHINGTON (AP) — There’s a sign today that inflation is picking up. Prices U.S. companies receive for their goods and services rose by the most in 19 months in April, led by more expensive food and higher retail and wholesale profit margins. The Labor Department says the producer price index rose 0.6 percent last month, after a 0.5 percent increase in March. In the past 12 months, producer prices have increased 2.1 percent, the biggest 12-month gain in more than two years.
TOKYO (AP) — Sony Corp. sank to a $1.3 billion quarterly loss, hit by costs from selling its personal computer business. Sony is forecasting more red ink as it struggles to execute a long-promised turnaround. The Tokyo-based maker of the PlayStation 4 game machine, Bravia TVs and Walkman digital player also reports a loss of $1.3 billion for the fiscal year through March 2014, about three times its loss of 41.5 billion yen the previous year.
NEW YORK (AP) — Macy’s says its first-quarter profit rose 3.2 percent, but the department store chain’s sales fell short of expectations as a tough economy and a cool spring dampened shoppers’ appetite for shorts and T-shirts. However, Macy’s is sticking with its full-year profit outlook, citing improving business trends. It also raised its dividend by 25 percent.
HOFFMAN ESTATES, Ill. (AP) — Sears is considering selling its Canadian operations. The retailer, which runs its namesake stores and Kmart locations, says it’s is looking at strategic options for its 51 percent interest in Sears Canada. The company says this includes the possible sale of its stake or the entirety of Sears Canada. Sears Holdings Corp. recently spun off clothing business Lands’ End as a separate public company after not having much success with it.
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