- REUTERS/China Daily
Stocks snoozed into the close on Wednesday after the Fed released its latest Beige Book and Apple announced its new line-up.
The Dow and the S&P 500 finished in the red, while the Nasdaq just barely scraped into the green.
First off, let’s head to the scoreboard:
Dow:18,526.14, -11.98, (-0.06%) S&P 500:2,186.16, -0.32, (-0.01%) Nasdaq:5,283.93, +8.02, (+0.15%) WTI crude oil: $46.11, -0.05, (-0.09%) 10-year yield: 1.536, -0.007, (-0.47%)
The Fed came out with its latest Beige Book. The economy is still expanding at a modest pace, inflation is “slight,” and labor markets in most districts remained tight, the Fed noted. The number of job openings in America jumped to a record high. The Bureau of Labor Statistics reported that the number of job openings hit a record 5.871 million in July. Meanwhile, the quits rate rose to 2.1%, just below the cycle high of 2.2% reached last December. The percentage of Americans without health insurance just hit an all-time low. The Centers for Disease Control and Prevention (CDC) reported that during the first three months of 2016, 11.9% of Americans aged 18 to 64 (those who do not qualify for Medicare) were without insurance, while just 5.0% of children aged 0 to 17 were lacking coverage. Australia has not seen a technical recession for 25 years. The Australian economy grew by 0.5% quarter-over-quarter in the April through June period, slightly below economists’ expectations of 0.6%. JPMorgan announced two big promotions in a key trading business. The firm announced that Mark Leung and Jason Sippel would become global co-heads of equities, effective immediately, following the departure of Tim Throsby to Barclays. Apple shares were up 0.6% at $108.38 after the company announced its latest line-up. Meanwhile, Nintendo shares went bananas after the company announced Mario is coming to the iPhone. Nintendo’s Shigeru Miyamoto took the stage at Wednesday’s Apple iPhone 7 launch event to make the surprise announcement of Super Mario Run– finally bringing Nintendo’s flagship video game character to smartphones. At one point, shares in the company jumped up over 25%, to $35.45 a share.