Stocks bounced back in the afternoon to eke out modest gains as Britain suspended campaigning on the vote on EU membership. Fred Katayama reports.
U.S. stocks snapped a five-session losing streak as Britain suspended campaigning on next week's vote on EU membership. Jeff Layman of BKD Wealth Advisors: SOUNDBITE: JEFF LAYMAN, CHIEF INVESTMENT OFFICER, BKD WEALTH ADVISORS, (ENGLISH) SAYING: "We've had a pretty long string of down days so could be rebounding form that. Stocks have been very resilient here in the U.S. despite all these extraneous concerns." Consumer prices rose at a slower pace in May. The current account deficit widened to a more than seven-year high in the first quarter. And the number of Americans filing for jobless benefits rose last week. Viacom shares shot higher. Reuters has learned that controlling shareholder Sumner Redstone ousted CEO Philippe Dauman and four other directors. Visa is speeding up the process for testing and certifying merchants used by its merchants so they can accept chip cards. Macy's averted a strike. The department store operator reached a tentative deal with the union representing its workers in the greater New York area. In Europe, concerns over next week's British vote on European Union membership dragged stocks lower.