- Ilya Naymushin
The Dow Jones industrial average and S&P 500 climbed close to record high closes in trading on Wednesday, while the tech-heavy Nasdaq slid slightly.
We’ve got all the headlines, but first the scoreboard:
- Dow: 23,431.37, +54.13, (+0.23%) S&P 500: 2,578.51, +3.25, (+0.15%) Nasdaq: 6,715.56, -11.14, (-0.17%)
The Federal Reserve left its key interest rate unchanged. The Fed once again cited a solid US economy, improving labor market, and soft inflation in its statement announcing the decision. The meeting is also the last before President Donald Trump is expected to make his announcement regarding a new chair for the Fed. Representatives from Facebook, Twitter, and Google faced down Congress for a second day. Lawyers from the three tech giants, rather than executives, faced down questions from members of both the Senate and House intelligence committees regarding the Russian campaign to meddle in the 2016 presidential election. House GOP lawmakers delayed their long-awaited tax reform bill. The plan’s roll out was pushed back from Wednesday to Thursday because tax writers were still working out details on certain key issues. Automakers reported mixed sales for the month of October. Ford crushed analysts’ estimates with 6.4% growth year over year, compared to an expected 1.4% increase. General Motors, Fiat Chrysler, and Toyota missed estimates, while Honda and Nissan beat. Bitcoin once again cracked its all-time high. The cryptocurrency cracked $6,600 a coin for the first time ever in trading on Wednesday. Obamacare’s open enrollment period kicked off. The six-week period during which Americans without insurance through their job can sign up for coverage started for the first time under Trump. Bill Ackman ended his short bet against Herbalife. The activist investor, who placed a $1 billion bet in 2012 that Herbalife stock price would tumble to zero, on Wednesday said his firm had capped losses by recently closing out its short position in the nutrition and supplements company.