S&P Ends Winning Streak; US Budget Deficit Down 35% (DIS, DELL)
The long streak of gains for the S&P and Dow ended on Thursday after several new economic reports and continued concerns over Syria. President Assad agreed to give up its chemical weapons after Russia's request yesterday. Recent budget data showed that the US deficit shrank to $148 billion in August and is on course to see its first full-year gap under $1 trillion since 2008. Unemployment claims dropped to the lowest level since April of 2006 last week. The Dow fared slightly better than the other indices because of Disney's (DIS) announcement to buy back $8 billion worth of stock next year.Lululemon (LULU) fell about 3.5% on Thursday as it cut its yearly sales outlook. Pandora (P) gained after announcing that Brian McAndrews, a former executive at Microsoft (MSFT) would be the company's new CEO.
Word on the Street
- The US budget deficit is reportedly 35% lower, mostly thanks to increased revenues and spending cuts.
- Jobless claims are at a seven-year low, but the results are incomplete.
- Dell's (DELL) plan to go private is approved by shareholders.
- Cherokee Inc.(CHKE) reports strong Q2 results for sales and revenue.
- The SEC asks stock exchanges to collaborate more to bolster markets and prevent disruptions.
- Smith & Wesson (SWHC) Sinks on Sour Guidance.
Published on Sep 12, 2013By InvestorGuide Staff