The markets were sharply higher today, with the Dow gained more than 100 points, quite a turnaround from the past week.
Today's gains were helped by a shrinking US trade deficit, which narrowed 6.7 percent to $43.7 billion. That was more of a decline than economists expected, due to the impact of fewer imports from
Japan in the wake of the earthquake and tsunami there.
Also today, the Labor Department said first time filings for unemployment benefits rose by 1,000 to a seasonally adjusted 427,000 for the week ending June 4th. Economists had expected that number to
drop to 415,000.
In earnings news, alcoholic beverage maker Brown Forman (BF.A, BF.B) posted a surge in fiscal fourth quarter earnings today, with an 8 percent increase in net sales.
Food producer JM Smucker (NYSE:SJM) reported a decline in fiscal fourth quarter earnings. Adjusted earnings and revenue managed to exceed forecasts.
Citigroup (NYSE:C) has confirmed that a computer breach may have compromised customer data, but said that only one percent of customers were potentially affected and that social security numbers and card
security cards were not compromised.
Tomorrow, we'll take a look at Treasury budgets, as well as earnings from Lululemon Athletica (NASDAQ:LULU).
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