Stocks Open Down, BlackBerry Posts Surprise Loss

U.S. stocks opened slightly lower on Friday, as investors digested more Federal Reserve comments and waited on consumer sentiment and business conditions data. The Dow Jones Industrial Average lately fell 55.61 points, or 0.37%, to 14,968.88, while the S&P 500 lost 3.40 points, or 0.21%, to trade at 1,609.80. The Nasdaq Composite shed 5.80 points, or 0.17%, to 3,396.06.

BlackBerry delivered quarterly earnings and revenue that badly missed analysts’ expectations on Friday. BlackBerry posted a first-quarter loss, excluding items, of 13 cents per share, compared with a quarterly loss of 37 cents a share in the year-earlier period. Revenue increased to $3.1 billion from $2.81 billion a year ago.

Federal Reserve Gov. Jeremy Stein on Friday suggested that the central bank’s first tapering move could come in
September.

Wall Street’s industry-funded watchdog has scrapped a controversial plan that would have required brokerages to supervise business lines that are not related to the securities industry, according to a recent regulatory filing.

Sony Corp said some dealers in Dubai resold about $12.8 million worth of its video equipment and medical instruments to Iranian ministries, in a move that could possibly attract U.S. penalties.

U.S. crude-oil futures rose Friday, with the commodity headed for its fifth-straight winning session and its first
monthly gain in three months. Crude for August delivery rose 11 cents, or 0.1%, to $97.16 a barrel in electronic
trade.

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