Stock Market Update

[BRIEFING.COM] The major averages mostly shrugged off the release of the June Treasury Budget; mainly, the budget showed the government's deficit was much smaller than a year ago, but it comes after a sharp year-over-year increase in the May deficit. The 

The Treasury Budget for June showed a deficit of $66.0 bln versus a deficit of $227.8 bln a year ago. The Treasury Budget data is not seasonally adjusted, so the June deficit cannot be compared to the deficit of $347.1 bln for May.

Total receipts of $466.3 bln grew 11.5% compared to last year while total outlays of $532.2 bln fell about 17.6% compared to last year.

The total year-to-date budget deficit now stands at $1.27 trln vs $1.39 trln at this point a year ago.