Stocks rise...Home sales fall...Lowe’s misses forecasts...Graco recalls car seats
NEW YORK (AP) — Stocks are slightly higher in early trading on Wall Street. Technology and industrial companies are making some of the largest gains, while retailers of home improvement products, jewelry and car parts are falling. Stocks continue to recover the steep losses they suffered one week ago. The market has risen the past four trading days.
WASHINGTON (AP) — Americans pulled back their pace of home-buying in April. The National Association of Realtors says sales of existing homes declined 2.3 percent last month to a seasonally adjusted annual rate of 5.57 million. Still, home purchases are 1.6 percent higher than a year ago amid solid demand from buyers. The housing market is getting squeezed by tight supplies. The median sales price has risen 6 percent from a year ago to $244,800.
MOORESVILLE, N.C. (AP) — Share in Lowe’s are falling after the retailer reported that its first-quarter profit fell 32 percent as a hefty charge cut into sales. Same-store sales, a key measure of health for retailers, rose only 2 percent during the quarter, while overall sales rose 10.7 percent. Both figures fell short of Wall Street projections.
DETROIT (AP) — Graco (GRAY’-koh) Children’s Products is recalling more than 25,000 car seats because the harness webbing can break in a crash and may not keep children restrained. The company Graco traced the problem to a single batch of webbing. The recall affects certain My Ride 65 convertible seats made on July 22, 2014 with a code of 2014/06 on a tag that’s on the webbing.
SAN FRANCISCO (AP) — Serena Williams is joining a Silicon Valley boardroom for the first time. The tennis star says she hopes to use her new role at SurveyMonkey to help diversify the tech industry, where the vast majority of high-paying technology jobs are held by white and Asian men. The online poll taking service announced Williams’ appointment to its board today. Williams is engaged to high-tech entrepreneur Alexis Ohanian, the co-founder and of online forum Reddit.