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Market Update : 
U.S. Indexes Close Lower on Weak Financials
Author: 123jump.com Staff
123jump.com
Last Update: 6:07 PM EST February 04 2008

The President Bush proposed fiscal 2008 budget of $3.1 trillion, first ever above $3 trillion mark, and projected a budget deficit of 2.9% in 2008 and 2.7% in 2009. Fiscal 2007 budget deficit is estimated at 1.8%. U.S. stocks edged lower on the weakness in the financials. UBS downgraded banks and credit card companies and said that weak consumer spending will lower the earnings in the sector. Discover, American Express, and JP Morgan fell, but MasterCard rose.

 

 

 
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