Stocks Opened Slightly Higher and Turned Lower

U.S. stocks opened slightly higher and turned lower on Tuesday, as expectations for a Federal Reserve rate hike this year have grown in light of recent upbeat economic reports. The Dow Jones Industrial Average lately drooped 25.06 points, or 0.14%, to 17,741.49. The S&P 500 was down 3.11 points, or 0.15%, to 2,076.17. The Nasdaq Composite fell 26.60 points, or 0.53%, to 4,995.02.

Greece has submitted new proposals to its creditors, European officials confirmed on Tuesday, in part of an effort to unlock an impasse in negotiations over the country’s bailout program. The European Commission said the lenders— the International Monetary Fund, the European Central Bank and other eurozone countries—now need time to study them.

Banking giant HSBC is to cut 22,000 to 25,000 jobs globally — and shed an equal number of positions through the sale of units in Brazil and Turkey — as it seeks to make savings of $4.5 to $5 billion annually within two years.

General Electric will sell its private equity business in a deal valued at about $12 billion as it refocuses on its core businesses and exits a banking sector now under stricter oversight.

Campbell Soup Co. said today it has reached an agreement to purchase the assets and business of Ferndale-based Garden Fresh Gourmet for $231 million and says it hopes to hire up to 95% of the company’s Michigan employees.

Dutch pension fund manager PGGM said on Tuesday Hewlett-Packard had agreed to pay $100 million to settle a class- auction lawsuit relating to the company’s 2011 acquisition of Autonomy, a “big data” analysis company.

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