For the first time since 2012, the U.S. fiscal deficit topped $1 trillion in a calendar year and more in Monday’s Closing Bell on Money and Markets.
Treasury Department data shows the budget shortfall hit $1.02 trillion from January 2019 to December 2019, a 17.1% increase from 2018, which was a 28.2% bump up from 2017.
In the new fiscal year, which started in October, the budget shortfall is $356.6 billion, an 11.7% increase from a year ago, according to CNBC. The national debt has also risen and stands at $23.2 trillion.
Money and Markets: Closing Bell*
S&P 500: 3,288 (+22 points, +0.7%)
DOW: 28,907 (+83 points, +0.2%)
NASDAQ: 9,273 (+95 points, +1%)
GOLD: $1,548.40 (-13.70, -0.8%)
BITCOIN: $8,147.97 (+10.72, +0.1%)
U.S. 10-YEAR YIELD: 1.84%
*- as of 4:09 p.m. ET
A Big Win
In this morning’s Wall Street Wake-Up, we told you about Tesla Inc. (Nasdaq: TSLA) stock expected to continue to rise. Shares were up nearly 8% in Monday afternoon trading thanks to another analyst upgrade.
Lululemon Athletica Inc. (Nasdaq: LULU) jumped up 4.2% in afternoon trading as the company raised its earnings and revenue guidance for its fourth quarter.
Shares of Mastercard Inc. (NYSE: MA) finished up 1.2% on Monday afternoon after receiving price target upgrades.
M&A News
Aerospace and defense companies Woodward Inc. (Nasdaq: WWD) and Hexcel Corp. (NYSE: HXL) have agreed to an all-stock merger valued at $6.4 billion. Hexcel shareholders will get 0.625 shares of Woodward common stock for every Hexcel share. Woodward stock was up 5.1% in Monday afternoon trading. Hexcel shares were up almost 10%.
Middleby Corp. (Nasdaq: MIDD) shares were up 0.8% in afternoon trading after it announced the acquisition of Ram Fry Dispensers. Terms of the deal were not disclosed.
Golden Nuggets
Gold and silver both slipped Monday as U.S. markets continued to edge higher.
The price of gold dropped $13.70 to $1,548.40 an ounce Monday afternoon. Silver was down to $17.93 after surpassing the $18 mark. Platinum was down to $973.00 an ounce, while Palladium was up to $2,101 an ounce.
Cannabis Corner
The cannabis market was mostly up Monday afternoon.
After a week of losses, Aurora Cannabis Inc. (NYSE: ACB) was up 3.9% in afternoon trading. Canopy Growth Corp. (NYSE: CGC) was up over 12%.
Stock Market Update
U.S. markets were up Monday afternoon.
The S&P 500 index closed up 0.7% to 3,288 points, another new record. The Dow Jones Industrial Average rose 83 points, or 0.2%, to 28,907. The Nasdaq rose 1%.
Part of the market rise was due to the U.S. announcing it was removing China as a currency manipulator. The decision was made five months after the Treasury Department labeled China with the designation.
Today’s Big Winners:
(as of 3:15 p.m. EST)
Tesla Inc. (Nasdaq: TSLA) +8.4%
Freeport-McMoRan Inc. (NYSE: FCX) +5.1%
Skyworks Solutions Inc. (Nasdaq: SWKS) +3.8%
Lululemon Athletica Inc. (Nasdaq: LULU) +3.7%
Apple Inc. (Nasdaq: APPL) +1.4%
Today’s Big Losers:
(as of 3:15 p.m. EST)
Abiomed Inc. (Nasdaq: ABMD) -11.2%
Cigna Corp. (NYSE: CI) -3.6%
Illumina Inc. (Nasdaq: ILMN) -3.5%
UnitedHealth Group Inc. (NYSE: UNH) -3.1%
Biomarin Pharmaceutical Inc. (Nasdaq: BMRN) -3.1%
Check back for the most important news and numbers each day after the Closing Bell, only on Money and Markets.
Don’t forget about “Marijuana Markets: a POTcast,” featuring the biggest cannabis news and investment notes from Banyan Hill’s Anthony Planas, here on Money and Markets each Saturday morning.