Stocks ended mixed Wednesday, reversing a brief mid-afternoon
slump that followed Federal Reserve minutes showing policy-makers
last month were moving closer to a consensus on an exit strategy
from their stimulus efforts for the American economy. Nine of the
10 industry sectors in the S&P 500 finished higher, with shares
of consumer staples companies the lone sector failing to close
above water. The Nasdaq Composite index also ended with a small
loss, with technology and health care stocks notching only slight
Minutes of the Federal Open Markets Commitee meeting on July
29-30 indicated some officials think the Fed would need "to call
for a relatively prompt move" to reduce the stimulus it has
supplied since the American economy tanked in late 2008. Otherwise,
these officials felt the Fed risked overshooting its targets for
unemployment and inflation.
Crude oil for September delivery settled $1.59 higher at $96.07
per barrel while September natural gas fell 5 cents to $3.82 per 1
million BTU. December gold fell $1.80 to $1,295 per ounce while
September silver rose 8 cents to $19.50 per ounce. September copper
jumped 9 cents to finish at $3.18 per pound.
Here's where the U.S. markets stood at the end-of-day:
Dow Jones Industrial Average up 59.54 (+0.35%) to 16,979.13
S&P 500 up 4.91 (+0.25%) to 1,986.51
Nasdaq Composite Index down 1.03 (-0.02%) to 4,526.48
Hang Seng Index up 0.15%
Shanghai China Composite Index down 0.23%
FTSE 100 Index down 0.35%
(+) PTX, Acquires all of GlaxoSmithKline's (
) rights to Treximet migraine treatment after securing necessary
financing. Agrees to continue GSK's current product development
efforts with Pozen (
) while undertaking certain new activities.
(+) FOLD, Reports positive 18-month data from a second Phase III
trial of its oral small molecule chaperone migalastat HCl in
patients with Fabry disease and amenable mutations.
(+) IRF, Agrees to $3 bln buyout offer from Infineon, accepting
$40 per share in cash from the German chip-maker. Reports Q4
non-GAAP earnings of $21.9 mln, or $0.30 per share, reversing $1.2
mln net loss last year and topping estimates by $0.03. Revenue also
(-) NBY, Said its NVC-422 ophthalmic drug candidate did not meet
primary or secondary endpoints during Phase II study in patients
with adenoviral conjunctivitis.
(-) RGSE, CEO Dennis Lacey Kam Mofid steps down to pursue other
interests. Dennis Lacey is promoted to succeed Mofid, with board
chairman David Belluck saying the company's best prospects "reside
within the residential solar division."
(-) HTZ, Now sees FY14 results "well below" its prior guidance
for adjusted EPS of $1.70 to $2.00 on between $11.4 bln to $11.7
bln in revenue, citing operational challenges and costs tied to
audit of previous results dating back to 2011.
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