Stocks Edged Up ahead of Data
Stocks edged higher at the open on Friday, as traders awaited the release of reports on consumer mindset and a gauge of leading economic indicators. The Dow Jones industrial average rose 14.68 points, or 0.11 percent, to 13,264.79. The S&P 500 Index gained 1.78 points, or 0.13 percent, to 1,417.29. The Nasdaq Composite added 0.58 points, or 0.02 percent, to 3,062.97.
Trulia Inc., which operates the real estate website Trulia.com, on Friday filed for an initial public offering that could raise up to $75 million. Trulia, which operates both a traditional website and mobile apps, allows people to research home listings and neighborhoods, while helping real estate agents market their listings. In the six months ended June 30, the site had 22 million unique visitors. And as of the same date, it had more than 360,000 active real estate professionals, with 21,544 of those paying subscribers.
J.M. Smucker’s fiscal first-quarter net income declined slightly as the food company faced higher expenses and continued to deal with rising commodity costs. But its adjusted results and revenue topped Wall Street expectations. J.M. Smucker Co. earned $110.9 million, or $1 per share, for the three months ended July 31. That compares with $111.5 million, or 98 cents per share, a year ago. Revenue increased to $1.37 billion from $1.19 billion, up 15 percent.
The Obama administration will make nearly half a billion dollars in unspent highway funds available to states that promise to use the money to create jobs and improve transportation. Transportation Secretary Ray LaHood will announce Friday that more than $470 million will be made immediately available for projects such as repairing crumbling roads and bridges, a White House official said.
The Bank of Spain says the country’s bad loan rate shot up to a record of 9.42 percent in June, with more than €164 billion ($201.38 billion) in loans to households and businesses at least three months behind in their payments.