US stocks slightly higher ... Study: CEOs got big raises last year ... The new Dodge Challenger will cost some bucks
NEW YORK (AP) — U.S. stocks are slightly higher this morning as health care companies including makers of scientific instruments and drugs rise. Beverage makers are also gaining, leading household products makers upward. Stocks rose for the past three trading days following a steep loss last Wednesday. At 10:47 a.m. Eastern Time, the Dow was up 33 points at 20,928. The S&P 500 gained 2 points, to 2,396. And the Nasdaq gave up 5 points, to 6,129.
WASHINGTON (AP) — Sales of new homes in the U.S. last month registered the biggest drop in more than two years. The Commerce Department says new-home sales skidded 11.4 percent in April to a seasonally adjusted annual rate of 569,000. It was the biggest monthly drop since March 2015. Economists had expected a more modest retreat from March sales of 642,000, which were the highest since October 2007.
NEW YORK (AP) — A new study says the typical CEO at the biggest U.S. companies got an 8.5 percent raise last year, taking in $11.5 million in salary, stock and other compensation. That’s the biggest raise in three years. The biggest increase of 513% went to Broadcom Corp. CEO Hock Tan, who earned $24.7 million. But unhappy investors led some companies to make big cuts in some CEOs’ pay. Expedia CEO Dara Khosrowshahi (kahz-roh-SHAH’-hee) got a 97 percent pay cut. He made $2.4 million in 2016.
FRANKFURT, Germany (AP) — German automaker Daimler AG says prosecutors will be searching several of its offices in Germany as part of a preliminary investigation into suspected manipulation of diesel emission controls. Daimler says it’s cooperating with the probe conducted by prosecutors in its home base of Stuttgart. The company had already disclosed the probe in its financial reports. It said the investigation focused on “known and unknown employees” of the company.
DETROIT (AP) — Fiat Chrysler says the price tag for its new Dodge Challenger SRT Demon will start at $84,995. The 840 horsepower car can go from zero to 60 in 2.3 seconds, and the automaker says it’s the most powerful production car ever. It comes as a one-seater, but for another dollar, you can have a front passenger seat. And for another dollar, you can get a rear seat. The car will reach showrooms in the fall.