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Tuesday Afternoon Business Brief

May 15, 2012, 1:17 PM

Tuesday Afternoon Business Brief

U.S. stocks have edged higher after some initial hesitation. Investors are juggling concerns including continued paralysis in Greece and fresh economic reports, including word from the Commerce Department that retail sales rose just 0.1 percent last month.

  • JPMorgan Chase chief Jamie Dimon has won a shareholder endorsement of his pay package, despite revealing that the bank suffered a $2 billion trading loss. He also prevailed in a vote aimed at separating the duties of the CEO and chairman.
  • Greece is headed for another month of political deadlock ahead of new elections planned for mid-June. Party leaders today failed to reach an agreement to build a coalition government.
  • Does this sound familiar? House Speaker John Boehner says if Congress raises the nation's borrowing cap he'll press for spending cuts and budget reforms to offset the increase. Treasury Secretary Tim Geithner says the government will hit its borrowing cap late this year but that Treasury can use accounting maneuvers to buy time for the newly elected Congress to deal with the issue early next year.
  • Home Depot says that its quarterly profit rose nearly 28 percent. Unseasonably warm winter and increased business from contractors and other professional customers boosted results at the world's biggest home-improvement company. The largest home improvement retailer also raised its outlook for the full year, but revenue was shy of Wall Street expectations.

For more local business news, visit the Back to Business page of KELOLAND.com.

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