Stocks Sink, Dow Closes Below 15,000

U.S. stocks tumbled on Wednesday, with the Dow tumbling more than 100 points, as traders extended a selloff driven by concern about the winding down of central banks’ stimulus measures.  At the close, the Dow industrials fell 126.79 points, or 0.84%, to 14,995.23. The S&P 500 shed 13.61 points, or 0.84%, to 1,612.52. The Nasdaq Composite lost 36.52 points, or 1.06%, to 3,400.43.

The government reported Wednesday that the U.S. budget deficit widened in May by $139 billion. But the annual deficit stayed on track to finish below $1 trillion for the first time since 2008. Steady economic growth and higher tax rates have boosted the government’s tax revenue. At the same time, government spending has barely increased.

Target Corp. is increasing its quarterly dividend by 19.4 percent. The Minneapolis-based retailer on Wednesday declared a quarterly dividend of 43 cents per share, up from 36 cents per share. The dividend is payable Sept. 10 to shareholders of record as of Aug. 21.

General Motors Co (GM.N) on Wednesday said it is targeting an investment grade credit rating “within the year” as the automaker works to distance itself from the stigma of its 2009 bankruptcy.

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