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The Labor Department said the Consumer Price Index increased 0.4 percent last month, the largest gain since February 2013, after rising 0.1 percent in March. “This morning the economic news was generally favorable suggesting that … the U.S. economy has improved to levels warranting something other that crises-level rates,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management in Minneapolis.
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Wall Street slips as strong data raises chances of rate hike
Yahoo shares jumped after the company announced its board has formed a committee of independent directors to explore strategic alternatives, and that it has hired investment banks and a law firm to run the process. The launch of the auction process, a move activist hedge fund Starboard Value and other shareholders have pushed since late last year, showed the company was moving another step closer to selling its core business, which includes search, mail and news sites, rather than spin it off as previously planned. The move follows more than three years of effort by CEO Marissa Mayer to turn around Yahoo by focusing on mobile apps and trying to boost advertising revenue.
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Yahoo launches auction process as Starboard gears up for fight