U.S. stocks finished lower, Wednesday, notching their third day of consecutive losses this year as investors continued to mull the prospects of the Federal Reserve scaling back its monetary stimulus programs.
Meanwhile, only one economic data point was released from the United States Wednesday -- May's budget deficit. At 2 p.m. ET, the Treasury Department reported that the U.S. government posted a budget deficit of $139 billion in May, 11% higher than the same month a year ago, as spending rose. Despite the increase, the government is still expected to record a full-year deficit of less than $1 trillion for the first time since 2008. For the fiscal year to date, the deficit is 26% lower. For the full 2013 fiscal year, the Congressional Budget Office is projecting a deficit of $642 billion. For May, the CBO had also estimated a deficit of $139 billion.
With only one data point on Wednesday's domestic calendar, overseas developments remained in the spotlight during the session -- especially growing civil unrest in Turkey, one of America's closest allies in the troubled Middle East region. Meanwhile, the plans of other Central Banks continue to pressure stocks -- Tuesday, stocks fell sharply after the Bank of Japan kept its monetary policy steady.
Asia And Europe
In Japan, the Nikkei Index regrouped from its earlier losses to close down 0.2%, while markets in China were closed for a holiday. In Europe, stocks closed lower, erasing their earlier gains experienced after the region reported better-than-expected production data.
Commodities posted a mixed session. Gold futures shed 0.24% to close at $1,388.60 per ounce while oil futures added 0.55% to finish at $95.90 a barrel.
Here's Where The Markets Stood At Day's End
- Dow Jones Industrial Average down 126.79 (-0.84%) to 14,995.23
- S&P 500 down 13.61 (-0.84%) to 1,612.52
- Nasdaq Composite Index down 36.52 (-1.06%) to 3,400.43
- Nikkei 225 Index down 0.21%.
- Hang Seng Index closed.
- Shanghai China Composite Index closed.
- FTSE 100 Index down 0.46%
- DAX down 0.83%
- CAC 40 down 0.15%
- (+) ANAC, Company has entered into a loan agreement with Hercules Technology Growth Capital (HTGC) for up to $45.0 million in new capital to be distributed in three tranches.
- (+) TSLA, Robert W. Baird has raised its price target for shares of Tesla Motors (TSLA) to $118 from $70. The firm maintained its Outperform rating.
- (+) USAP, Company has achieved Nadcap Heat Treat accreditation at its Dunkirk Specialty Steel facility.
- (-) DF, Food company shares downgraded to Market Perform from Outperform at Sanford Bernstein.
- (-) LM, Goldman downgrades the company to Sell from Neutral with a $29 price target.
- (-) BIIB, Shares downgraded to Neutral from Buy at Citigroup.
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