Stocks End Lower Despite Narrowing of US Trade Gap to 3.5-Year Low
The markets fell on Tuesday after Fed officials made further statements about the timing of a taper. IBM (IBM) led the Dow lower and announced a furlough for employees in its hardware unit. The company's rating was also cut from "neutral" to "underperform" by Credit Suisse. American Eagle Outfitters (AEO) tumbled over 15% after cutting its outlook in half and First Solar (FSLR) fell as well after announcing Q2 results.It was reported that the number of job openings in the US hit the highest level in June since May of 2008. The US trade gap narrowed in June to $34.2 billion, a figure lower than expected. This is the smallest gap since 2009 and most likely will give a boost to the nation's Q2 GDP.
Word on the Street
- US trade gap drops to a 3-1/2 year low, signaling a growing economy.
- The Defense Department trims furlough days from eleven to six.
- Infosys Energy Group (TEG) reports Q2 earnings that beat expectations.
- Trulia (TRLA) Surges to a New 52-Week High on Robust Second Quarter Earnings.
- The price of gas costs less than a year ago for the first time in two months.
- Dish Network (DISH) chairman sued for $2 billion over alleged fraudulent scheme.
Published on Aug 6, 2013By InvestorGuide Staff