U.S. stocks advanced on Wednesday, pushing the S&P 500 to a fresh record.
|DJIA: +0.88% to 14,802.20||S&P 500: +1.22% to 1,587.72||NASDAQ: +1.83% to 3,297.25|
|Gold: -$27.90 to $1,558.80 per ounce||WTI Crude: +0.38% to $94.56 per barrel||U.S. 10-Year: +0.055 points to 1.806%|
President Barack Obama released his fiscal 2014 budget proposal today. His budget projects a deficit of $744 billion in 2014, or 4.4 percent of GDP. With 1.8 trillion in additional deficit reduction planned over 10 years, the President’s proposal would reduce the deficit to 2.8 percent of GDP by 2016, and to 1.7 percent of GDP by 2023… (Read more.)
The minutes from the Federal Open Market Committee meeting were released. The implications hidden within the 24 pages of text is that the central bank should begin tapering its bond program later this year and stop it completely by the end of the year as economic conditions are slowly improving… (Read more.)
China surprised global markets when it reported a rare trade deficit of $880 million in March, the first in over a year. Officials reported that exports grew 10 percent year over year, instead of the 11.6 percent anticipated by economists. More importantly, officials reported that imports grew 14.1 percent, which compares to expectations for an increase of just 6 percent. China reported a trade surplus of $15.25 billion February… (Read more.)
Here’s your Cheat Sheet to today’s top stock stories:
Facebook (NASDAQ:FB) closed the day up 3.69 percent. The advance was catalyzed by the unveiling of a new tool for advertisers and reports that the social network won back General Motors (NYSE:GM) as an advertising client… (Read more.)
Apple (NASDAQ:AAPL) and Yahoo (NASDAQ:YHOO) closed the day up 2 percent and 1.55 percent, respectively. The tech giants are reportedly engaged in efforts to integrate Yahoo’s software into Apple’s technology platform… (Read more.)
First Solar (NASDAQ:FSLR) stock fell 7.7 percent on Wednesday, cooling off after 45.5 percent gains on Tuesday. Yesterday, the solar solutions company announced full-year 2013 net sales guidance in a range between $3.8 and $4.0 billion, and guided earnings in a range between $.00 and $4.50 per share. The company also announced that it will be acquiring Tetrasun, a solar photovoltaic startup.
Bed Bath & Beyond (NASDAQ:BBBY) closed the regular session up 1.55 percent before advancing an additional 2 percent in post-market trading. The retailer reported net earnings of $1.68 per share for the fourth quarter and $4.56 per share for the fiscal year ended March 2, 2013. Quarterly net sales climbed 24.5 percent compared to the year-ago period, while comparable-store sales increased 2.5 percent. The company is forecasting first-quarter net earnings in a range between $0.88 and $0.94 per share.
Tenet Healthcare Corp. (NYSE:THC) close the day down 5.5 percent after getting slapped with a downgrade from Buy to Hold by analysts at Deutsche Bank. The company’s stock has climbed more than 30 percent this year to date and is 11 percent shy of the firm’s price target of $46.
Oshkosh (NYSE:OSK) advanced 2 percent after announcing that it will have to reduce its workforce by 900 because of a slump in domestic orders for military vehicles. The company comments that the “lower expected vehicle production is due mainly to the reduction in U.S. Defense budgets and a return to peacetime spending levels as the U.S. winds down war activities. Daily production volumes are expected to decline by approximately 30 percent this summer.”
Family Dollar (NYSE:FDO) closed the day up about 1 percent after reporting second-quarter results and updating its fiscal 2013 guidance. The company reported that net sales for the second-quarter increased 17.7 percent year over year to $2.89 billion while net income increased 5.2 percent to $1.21 per diluted share. The Company now expects that diluted earnings per share in fiscal 2013 will be between $3.73 and $3.93 compared to $3.58 in fiscal 2012.
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