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NEW YORK (AP) — Stocks are moving higher in early trading on Wall Street following broad gains in European markets. Traders are keeping an eye on corporate earnings and deal news. Owens-Illinois, which makes beer and wine bottles, jumped 10 percent after saying it would buy a glass container business from the Mexican company Vitro. DuPont sank 6 percent after billionaire investor Nelson Peltz's Trian Fund lost a proxy fight against the chemical maker.
CINCINNATI (AP) — Macy's first-quarter profit fell 13 percent as the department store chain faced delayed merchandise shipments from the West Coast port slowdown, severe winter weather and lower spending by international tourists. The company is the first of the major retailers to report first-quarter results.
WASHINGTON (AP) — The modest wage growth over the past year may be having an impact on consumer spending. The Commerce Department says retail sales were unchanged in April, after rising 1.1 percent in March. Sales have risen just 0.9 percent over the past 12 months. While gas prices are low and unemployment has dropped, stagnant wages have kept spending in check.
WASHINGTON (AP) — U.S. businesses increased their stockpiles slightly in March, when sales picked up for the first time since July. The Commerce Department says business stockpiles rose 0.1 percent in March after a 0.2 percent gain in February. Sales rose 0.4 percent in March, ending seven straight months of declines or no gains. Over the past 12 months, sales have fallen 2.1 percent.
SOUTHFIELD, Mich. (AP) — A 70-year-old man has been sentenced to 10 days in jail in the death of a pregnant Michigan woman whose Jeep Liberty exploded in flames after being rear-ended. That judge says the crash was caused by "reckless and dangerous" driving. Kayla White was one of more than 70 people killed in fires involving older Jeeps with plastic fuel tanks mounted behind the rear axle. Fiat Chrysler recalled 1.56 million Jeeps in 2013 under pressure from regulators. White's Jeep wasn't repaired.
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