Stocks open lower ... US home prices rising 2 times faster than wages ... US consumer spending, incomes grew solidly in April
NEW YORK (AP) — Stocks opened lower today as energy companies fell with the price of oil and a dip in bond yields hurt banks. U.S. crude futures fell 1.4 percent to $49.14 a barrel in New York. Devon Energy lost 2.4 percent and Kinder Morgan fell 1.7 percent. At 10:23 a.m. Eastern Time, the Dow was down 55 points, at 21,026. The S&P 500 slipped 5 points, to 2,411. And the Nasdaq was down 3 points, at 6,207.
WASHINGTON (AP) — U.S. home prices climbed in March at the strongest rate in nearly three year as a dwindling supply of houses for sale is causing prices to significantly outpace income growth. The Standard & Poor’s CoreLogic Case-Shiller 20-city home price index rose 5.9 percent over the past 12 months ended in March, the most since July 2014. Home values are increasing at more than double the pace of average hourly earnings, making it more difficult for many people to afford to buy a home.
WASHINGTON (AP) — Americans increased their spending in April at the fastest pace in four months, bolstered by a solid gain in incomes. The Commerce Department says consumer spending rose 0.4 percent in April after a 0.3 percent rise in March. It was the best showing since December. Incomes rose 0.4 percent.
UNDATED (AP) — Amazon stock reached a milestone today, topping at $1,000 for the first time. That puts the e-commerce giant’s market value at $478 billion, double that of rival Wal-Mart and more than 15 times the size of Target. And its four-digit stock price places it in rare company: Only four other U.S.-listed companies have shares that trade above $1,000.
HARRISBURG, Pa. (AP) — The owner of Three Mile Island says it will shut down the nuclear power plant in 2019 without a financial rescue from Pennsylvania. Three Mile Island is the site of the United States’ worst commercial nuclear power accident. Exelon Corp. says the power plant has had five years of losses and recently Exelon failed to sell at auction Three Mile Island’s power into the regional grid.