As worries continued that the Euro debt crisis and slow global economic growth would hurt U.S. corporate earnings, Wall Street closed in the red for the sixth consecutive day. Warren Buffett, speaking early on Thursday, said his economic outlook is dimmer than it was earlier in the year, which added to investors’ uncertainty. On a positive note, the S&P index of homebuilders jumped 2.4 percent while first-time jobless claims decreased to 350,000, the lowest total since March 2008.
Word on the Street
- JP Morgan (JPM) is scheduled to release its Q2 report Friday morning.
- Wells Fargo & Co (WFC) agreed to pay $175 million in race discrimination probe.
- Activist investor William Ackman buys into Procter & Gamble Co (PG), shares rise.
- The US budget deficit grew by nearly $60 billion in June, remaining on track to exceed $1 trillion for the fourth straight year.
- Treasury yields fell toward record lows.
- Shares of Merck (MRK) rose more than 4 percent as Citigroup (C) upgraded the stock from neutral to buy.
- The creator of Nike (NKE)’s Swoosh symbol was paid only $35 for the design.
- 7-Eleven sells 10,000 pots of coffee an hour, every hour, every day.