Soaring Deficit Weighs Down Markets

The markets closed lower with the Dow falling 22 points to 9605 as the nation's deficit soared to a record $1.38 trillion in August. Nasdaq lost 3 points to 2080.

On the upside

NeuroMetrix (Nasdaq: NURO) completed its private placement of approximately $18.7 million in stocks and warrants.

The European Patent Office granted CytRx (Nasdaq: CYTR) a patent for its arimoclomol treatment for neurodegenerative diseases of the central nervous system.

Shares of Motorola (NYSE: MOT) surged in anticipation of a collaboration with Google (Nasdaq: GOOG) to develop a new mobile phone.

On the downside

Fourth quarter earnings tumbled for Aceto (Nasdaq: ACET) as revenue dropped.

E-Trade (Nasdaq: ETFC) announced the retirement of chairman and chief executive Don Layton at the end of this year.

Wells Fargo (NYSE: WFC) announced an internal investigation into allegations that an employee improperly used bank owned property in Malibu, California.

In the broad market, advancing issues outpaced decliners by a margin of 9 to 7 on the NYSE while decliners edged out advancers by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks eased a point to 593.

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