Business News Roundup, May 18

Stocks fell across industries on Tuesday, erasing gains from a rally a day earlier, as investors sifted through economic reports for clues as to when the era of low interest rates may end.

Consumer goods companies and utilities fell the most.

Energy stocks rose as the price of crude oil rose to a seven-month high.

Diane Jaffee, a senior portfolio manager at TCW Group, said investors are worried that a pickup in inflation suggests the Federal Reserve might raise interest rates soon, threatening the still-sluggish economy.

Another report showed that industrial production posted the biggest increase in April since November 2014 after dropping the previous two months.

“We’ve got an economy in slow-down mode, with an increase in inflation,” said James Abate, chief investment officer at Centre Funds.

Home Depot topped expectations for the first quarter, thanks in part to mild weather, and the company, riding a strong rebound in housing, lifted its outlook for the year.

Americans are plowing money into homes as prices continue to rise.

In its most recent report, the Standard & Poor’s/Case-Shiller 20-city home price index rose 5.4 percent and the National Association of Realtors’ seasonally adjusted pending home sales index rose 1.4 percent to 110.5, the highest level since May 2015.

For the three months that ended May 1, Home Depot earned $1.8 billion ($1.44 per share), easily surpassing the $1.33 per share expected by analysts.

Target has poached a Nordstrom executive for its new chief merchandising officer, the person who determines what appears on store shelves.

Mark Tritton was president of Nordstrom Product Group, where he oversaw the merchandising, design, manufacturing, marketing and distribution of more than 50 private-label brands at all of Nordstrom’s stores.

Target also said Tuesday that Jason Goldberger, president of Target.com, will be adding the title of chief digital officer, a new position for the chain.

Greek lawmakers are set to vote on more budget austerity measures on Sunday, in time for a meeting of eurozone finance ministers who will discuss whether to release more bailout funds for the debt-ridden country.

The new bill is expected to include tax hikes, including raising consumer tax from 23 to 24 percent, increasing taxes on fuel, hotel stays, alcohol and tobacco, and liberalizing the sale of non-performing loans.

Eurozone finance ministers are due to meet next week to discuss whether Greece has made enough progress on reforms required under its third international bailout for more funds to be released.

Negotiations with the International Monetary Fund, European Central Bank, European Stability Mechanism and European Commission reviewing Greece’s progress have been dragging on for months.

Valeant Pharmaceuticals International is exploring the sale of some of its smaller cosmetic and pharmaceutical assets, according to people familiar with the matter, as the Canadian drugmaker scrambles to raise cash and reduce debt.