economists were expecting.Monday's move came after a late-session surge on Friday as the European regulators released the results of a series of stress tests to determine the health of the continent's banking sector after European market closed. The results were much better than analysts had expected, though some investors still doubted the transparency and credibility of the tests, http://www.cheaptomsshoessalei.com - toms outlet .Stocks also rallied as more companies reported strong second- quarter results and improved outlooks for the coming quarters.FedEx, which is seen as an economic bellwether, said it was seeing better than expected growth in its overnight and ground delivery businesses.The Dow Jones industrial average gained 100.81 points, or 0.97 percent, to 10,525.43. The Standard Poor's 500 index rose 12.35 points, or 1.12 percent, to 1,115.01 while the Nasdaq was up 26.96 points, or 1.19 percent, to 2,296.43.Crude prices traded flat after the new home sales report. Light, sweet crude for September delivery settled unchanged at 78.98 U.S. dollars on the New York Mercantile Exchange. In London, Brent crude added 5 cents to settle at 77.50 dollars a barrel on the ICE Futures exchange.The euro rose against the greenback on New York markets. The euro rose to 1.2989 dollars on Monday from 1.2922 dollars on Friday. BEIJING, July 25Xinhuanet -- New estimates from the White House predict the United States budget deficit will reach a record US$1.47 trillion this year. The government is borrowing 41 cents of every dollar it spends.The new estimates paint a grim unemployment picture as the economy experiences a relatively jobless recovery, http://www.tomsoutletsalecheap.com - cheap toms .The Office of Management and Budget report has ominous news for President Barack Obama should he seek re-election in 2012, a still-high unemployment rate of 8.1 percent. That would be well above normal, http://www.tomsoutletsalecheap.com - buy toms shoes , which is closer to a rate of 5.5 percent to 6 percent. Private economists don't think the unemployment rate will drop to those levels until well into this decade. The US economy still faces strong headwinds, the OMB report said. They include tight credit markets, a high inventory of unsold housing and retrenchment by state governments bound by balanced budget mandates. The European debt crisis has also had an impact. Despite these headwinds, the administration expects economic growth and job creation to continue for the rest of 2010 and to rise in 2011 and beyond, the report said.The budget deficit is of increasing concern to voters. But Obama and Democrats controlling Congress are mostly taking a pass on deficit reduction this year as they await possible recommendations from Obama's deficit commission.While there's a slight improvement in the deficit for the current year compared to the administration's February forecast, next year's predicted US$1.42 trillion worth of red ink -- that's 37 cents of borrowing for every dollar spent -- is looking worse. It's about US$150 billion more than previously predicted, because of still-slumping tax revenues.The current record holder is the US$1.41 trillion deficit for 2009.Economists
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