Arkansas Business: Bank shares rise at Tuesday market close

LITTLE ROCK, Ark. (Arkansas Business) -- Shares of banks including Bank of America and Morgan Stanley rising on Tuesday as some long-term interest rates moved higher. Those rate increases gave banks the prospect of earning more money from making loans.

Consumer prices up in May

The Labor Department reported that U.S. consumer prices increased in May by the largest amount in more than a year -- propelled by rising costs for food, gasoline and airline fares.

The report said that over the past 12 months, consumer prices are up 2.1 percent.

Central Banks will meet today about policies

The Central Bank meets today on monetary policy.

Fed officials are widely expected to keep a key short-term rate near zero, economists don't expect the Fed to begin increasing that rate for another year. The Fed will also update its economic forecasts.

One group already issuing its take on the economy, the Business Roundtable. The group of American chief executive officers striking an optimistic tone about hiring in sales in its second-quarter survey.

The Business Roundtable says that its CEO outlook index rose to 95.4 in the second quarter, up from 92.1 in the first quarter.

The gain was spurred by a better outlook on hiring: 43 percent of the CEOs expect to add jobs in the coming six months, up from 37 percent in the first quarter.

E-commerce acquisition of Walmart stores Inc.

Another e-commerce acquisition for Wal-Mart Stores Inc.

The company's innovations lab, called WalmartLabs, says it has purchased Stylr, a mobile app that allows shoppers to find clothes in nearby stores. Terms of the deal were not disclosed.

Stylr is WalmartLabs' 13th acquisition in the past three years. The purchase is the latest effort by Wal-Mart to develop new digital tools to help create a seamless shopping experience for shoppers at physical stores and on their mobile phones.

Under the deal, Stylr will be removed from the app store by the end of the month, and its technology will be used to develop future mobile innovations.


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