The S&P 500 closed at a record high yesterday after the Federal Reserve hinted at a slightly faster pace of interest rate increases starting next year because the Fed officials see the economy continuing to recover.

Amazon unveiled its long-anticipated smart phone yesterday.  The companies CEO Jeff Bezos showed off the new Fire phone with 3D visual technology.  The Fire phone will have a 4.7 inch screen and a 13 megapixel camera.  My take is that this will be a flop like the Facebook and Google phones.  Remember those?  Shares of Amazon still traded higher on the unveiling.(marketwatch.com)

US jobless claims fell 6,000 last week to 312,000, which is a 7 year low and should go a long way in lowering the unemployment rate.(CNBC)

Shares of the supermarket chain Kroger rose 6% this morning after the company reported much better than expected profit and sales in the 1st quarter.  The company also raised their full year earnings guidance.(marketwatch.com)

As is things haven't been bad enough for General Motors, GM was hit yesterday with a $10 Billion class action lawsuit.  The suit says that GM should compensate millions of car and truck owners for lost resale value after the company had to recall 20 million cars this year.  The lawsuit paints a disturbing picture of GM's approach to safety over the years.  Shares of GM traded lower on the news.(yahoo finance)