Dow Has First 3-Day Loss of 2013; Worries Linger Over Stimulus
On Wednesday it was reported that the US government's budget gap widened to $139 billion in May, but the country is still on track for the smallest deficit in five years. The major indices fell for a third consecutive day and it was the Dow's first negative three-day run so far in 2013. Stocks continue to be volatiLe due to increased concern over central bank plans. The Japanese yen pushed up against the dollar for another day and rose to the highest level seen in three years. Cooper Tire & Rubber (CTB) jumped 41% on Tuesday after Apollo Tyres agreed to buy the company for $2.5 billion cash.Hewlett-Packard (HPQ) also rose after CEO Meg Whitman talked up the company's recovery and revenue. First Solar (FSLR) fell 11% and announced it will begin a public offering of 8.5 million shares of stock.
Word on the Street
- The US posts a budget deficit of $139 billion in May, 11% higher than the same month last year.
- Shares rise for Hewlett-Packard (HPQ) after CEO says revenue growth is possible.
- Most energy stocks fall on Wednesday, but Spectra (SE) jumps 10%.
- PS 4 Lower Price and Game Resales Fuel Jump in GameStop (GME) Stock.
Published on Jun 12, 2013By InvestorGuide Staff