Dow continues rise with 8th straight record day
- Author: Darren Santiago Feb 24, 2017,
Feb 24, 2017, 0:49
While the German DAX Index has edged down by 0.2 percent, the French CAC 40 Index is up by 0.2 percent and the U.K.'s FTSE 100 Index is just above the unchanged line.
USA stocks have been on a record-setting rally in the past two weeks after Trump said his administration would make a major tax announcement in the coming weeks.
FED MINUTES: The Federal Reserve released minutes from its most recent meeting.
Technology companies eked out a small gain. The company is set to win antitrust approval from European Union regulators for its $130 billion merger with Dow Chemical DOW.N , sources told Reuters.
In late afternoon trading, the Dow Jones Industrial Average was up 0.09 per cent at 20,762.51, while the S&P 500 was down 0.16 per cent at 2,361.59 and the Nasdaq Composite was 0.18 per cent lower at 5,855.26.
Bond prices rose and yields dipped.
Dow Chemical's shares rose 4.1%.
Some Fed officials were anxious that if interest rates stay too low, the expanding economy could cause inflation to rise too fast.
UK's smallest city is saying 'no' to Trump
Labour MP Lucy Powell, who was also on the programme, said she opposed the visit on the basis that it was "premature". Tory lawmaker Edward Leigh said canceling the state visit would be "catastrophic" to the trans-Atlantic relationship.
Trader Greg Mulligan on the floor of the New York Stock Exchange, Wednesday, Feb. 22, 2017.
According to the meeting minutes from the Fed's meeting on January 31 and February 1, investors expect an interest rate hike in the near-term.
ACTIVISTS STAY BUSY: Drugmaker Bristol-Myers Squibb rose 84 cents, or 1.5 percent, to $55.62 after the Wall Street Journal reported that billionaire investor Carl Icahn bought a stake in the company.
ON THE REBOUND: Food and consumer products company Unilever rose after it said it will quickly review its options to find ways to raise value for shareholders.
Oil and gas company Concho Resources slid 9.65 dollars, or 6.8 %, to 131.70 dollars after a weak fourth-quarter report and Newfield Exploration declined 3.42, or 8 %, to 39.07 dollars as analysts expressed concerns about its forecasts for the current year. Unilever regained $1.83, or 4.1 percent, to $46.70 after a 7.5 percent skid Tuesday.
All of the 11 major S&P 500 sectors were higher, with industrials and technology bringing up the rear.
China's main share indexes rose for a third day approaching three-month highs, though gains were capped as speculators sold some recently-listed financial sector stocks.
Kraft Heinz shares were the top drag on the S&P, falling 3.7 percent after the company walked away from its $143 billion offer to buy Unilever, a day after the Anglo-Dutch company rejected the proposal. Elsewhere, oil services company Schlumberger lost 89 cents, or 1.1 percent, to $79.79 and pipeline company Kinder Morgan fell 42 cents, or 1.9 percent, to $21.57.