Markets were ahead for most of the day, but just before they closed major indices ended down. This in spite of the fact that the National Association of Realtors said that home resales increased 3.4 percent in April. In corporate news, Millward Brown’s BrandZ study announced that Apple (AAPL) had the most valuable brand in the world for the second year in a row. Meanwhile, General Mills (GIS) will be laying off 850 employees.
Word on the Street
- Markets had made gains during the day but turned negative in the last hour before closing.
- Apple (AAPL) holds the title of most valuable brand for the second year in a row.
- The Benihana restaurant company will be taken private for $296 million.
- The OECD warned about the risk of a severe recession for the eurozone.
- General Mills (GIS) will be cutting 2.4 percent of its workforce.
- Home resales rose in April.