Stocks rebounded from a sharp decline, but ended the day lower. Investors were optimistic that Greece is close to a deal with its creditors. Shartia Brantley reports.
Stocks bounced back from sharp declines, but ended the day lower. Investors were encouraged by signs that Greece's creditors were close to finishing a draft agreement to present to Athens. And weak economic data eased concerns that the Fed would have to hike interest rates soon. Demand for transportation equipment declined causing factory goods orders to fall in April. In corporate news, Macy's shares rose after Reuters exclusively reported the department store chain is reviewing its real estate assets. Reuters correspondent Nadia Damouni broke the story. SOUNDBITE: NADIA DAMOUNI, CORPORATE BOARD CORRESPONDENT, REUTERS (ENGLISH) SPEAKING: "Several hedge funds have approached Macy's in the last few months, basically speaking with Terry Lundgren, who's the CEO very well regarded in the industry, to say, listen, we just saw Hudson's Bay - that's the owner of Lord and Taylor - they just did a joint venture of which there will be a sales lease back as well as the sale of Saks. So the money they're getting from that has actually prompted a lot of hedge funds to say, listen, we think Macy's can do the same thing." PVH shares rallied. The maker of Calvin Klein and Tommy Hilfiger jeans raised its full year profit forecast. Consumers bought vehicles last month at the fastest pace in nine years. Sales rose at GM and Fiat Chrysler, but inched lower at Ford. Airlines faced turbulance. Delta Air Lines cut its unit revenue forecast for the current quarter, heightening investor's fears about the outlook for the industry. Later, five bomb threats that turned out to be hoaxes hurt airline stocks like American and United Continental. The euro rebounded, pushing investors to unload German stocks. Uncertainty over Greek debt also pushed European shares lower.