Stocks Ended Lower Ahead of Fed
U.S. stocks ended near session lows on Monday ahead of possible policy action from the Federal Reserve later this week. The Dow Jones industrial average dropped 52.35 points, or 0.39 percent, to 13,254.29. The Standard & Poor’s 500 Index dropped 8.84 points, or 0.61 percent, to 1,429.08. The Nasdaq Composite Index dropped 32.40 points, or 1.03 percent, to 3,104.02.
U.S. consumer credit fell in July for the first time in nearly a year as Americans reduced credit card debt, a worrisome sign for an economy that has struggled to create jobs. Consumer credit shrank by $3.28 billion in July, the Federal Reserve said on Monday.
Transocean Ltd. and the Justice Department have discussed a $1.5 billion settlement that would resolve federal claims over the company’s role in the 2010 rig explosion that led to the nation’s worst offshore oil spill.
Another top officer is leaving Zynga Inc. In a filing with the Securities and Exchange Commission on Monday afternoon, the social game maker said that chief revenue and marketing officer Jeff Karp has resigned. No reason was given for the move.
Shuffle Master Inc.’s (SHFL) fiscal third-quarter profit rose 14% as the gambling-equipment company continued to benefit from strong demand for its electronic gambling machines, helped by a client in Asia. However, results missed Street expectations. For the quarter ended July 31, Shuffle Master posted a profit of $10.4 million, or 18 cents a share, up from $9.1 million, or 17 cents a share, a year earlier. Revenue improved 8.7% to $63.4 million.