Stocks Slide, Fall for Third Week in Four

U.S. stocks retreated on Friday, on low volume to end their third negative week in four on lingering concern over whether the world’s central banks will soon start to trim their stimulus programs.  The Dow Jones Industrial Average fell 105.90 points, or 0.70% to 15,070.18, down 1.2% from last Friday’s finish. The S&P 500 index shed 9.63 points, or 0.59%, to 1,626.73, off 1% for the week. The Nasdaq Composite declined 21.81 points, or 0.63%, to 3,423.56, leaving the index down 1.3% on the week.

Wholesale prices in the U.S. climbed in May for the first time in three months, reflecting an increase in fuel and food prices that failed to filter through to other goods. The producer-price index rose 0.5 percent after falling 0.7 percent in April, which was the biggest drop in more than three years, according to a Labor Department report released today in Washington.

Manufacturers in the U.S. boosted production in May for the first time in three months, signaling the worst of the industrial slump is over. Factory output climbed 0.1 percent after dropping 0.4 percent in April and 0.3 percent in March, according to Federal Reserve data issued today in Washington.

Cinven Ltd is in exclusive talks to buy CeramTec, the industrial ceramics unit of U.S. chemicals maker Rockwood Holdings Inc (ROC.N), for close to 1.5 billion euros ($2 billion).

The International Monetary Fund urged the United States on Friday to repeal sweeping government spending cuts and recommended that the Federal Reserve continue a bond-buying program through at least the end of the year.

Six former Bank of America Corp (BAC.N) employees have alleged that the bank deliberately denied eligible home owners loan modifications and lied to them about the status of their mortgage payments and documents.






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