Stocks down...Trade deficit widens...Freddie Mac profits down...Big year expected for Disney

NEW YORK (AP) — Stocks are drifting lower in morning trading following two days of gains that brought the market close to a record high. Oil prices are higher today, pushing benchmark U.S. crude above $60 a barrel. That's providing a boost to energy stocks.

WASHINGTON (AP) — The U.S. trade deficit widened in March to the highest level in more than six years. Exports were up a small amount, but they were swamped by a flood of imports from autos to cellphones. The Commerce Department says the deficit rose to $51.4 billion, an increase of more than 40 percent higher over February.

WASHINGTON (AP) — Growth at U.S. service firms accelerated in April. The Institute for Supply Management says more orders, rising sales and an uptick in hiring sent its services index to 57.8 in April, the highest level in five months. Any reading over 50 indicates that services firms are expanding. The healthy showing suggests that the economy's recent stumbles are only temporary.

WASHINGTON (AP) — Freddie Mac is reporting a sharp drop in its first quarter profits. The mortgage giant sustained losses on the investments it uses to hedge against swings in interest rates as its net income dropped to $524 million. That's down from the $4 billion it earned in the same period last year. Still, it's the government-controlled company's 14th straight profitable quarter, and Freddie says it will pay a dividend of $746 million to the U.S. Treasury next month. The dividends Freddie has paid now exceed its government bailout by more than $20 billion.

LOS ANGELES (AP) — Disney shares are at an all-time high, with a big year at the movies ahead. Its Marvel movie "Avengers: Age of Ultron" just notched the second-biggest domestic opening weekend of all-time and a new "Star Wars" movie is coming this winter. That has analysts expecting not only good movie studio results but also a big uptick in consumer products revenue and profits. Disney's latest quarterly results show a good start, with earnings coming to $1.23 per share, beating the $1.11 expected by analysts, and revenue up 7 percent.

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