Stocks close the day higher as investors continue to watch quarterly profit reports closely. The Federal Reserve is expected to continue to cut the stimulus package this week despite weak first-quarter economic growth. The economic growth data is expected to be released tomorrow morning with the Fed’s decision coming out later in the afternoon. U.S. home ownership rate dropped to a 19-year low in the first quarter as more households continued to rent and home sales remained relatively low. Mercedes and BMW are the most recent automakers to announce recalls. Mercedes is recalling over 284,000 cars in the U.S. and Canada, while BMW is recalling more than 156,000 automobiles in the United States.
Word on the Street
- The Federal Reserve is expected to cut the stimulus package.
- Energy Future to file Chapter 11 bankruptcy.
- Apple (AAPL) unveils the new MacBook Air.
- Mercedes & BMW issue recalls.
- Target (TGT) to issue securer credit & debit cards.
- Do smaller tech stocks fall harder?
- Nokia (NOK) stock higher after naming Rajeev Suri CEO.