US equity indexes hit record highs while Treasurys tumbled after data on consumer spending and prices came in well above expectations. The S&P 500 closed higher for a seventh straight session, the longest streak since 2013.
Here’s the scoreboard:
- Dow: 20,607.54, +103.13, (0.50%)
- S&P 500: 2,348.69, +11.11, (0.48%)
- Nasdaq: 5,817.51, +34.94, (0.60%)
- Andrew Puzder, President Trump’s pick for Secretary of Labour, has dropped out of the running for the position. The fast-food executive had been scrutinised for his treatment of workers and views on immigration.
Verizon has tentatively reached a revised deal with Yahoo, according to Bloomberg, which cuts Yahoo’s price by about $US250 million. Verizon reportedly reconsidered the $US4.8 billion deal in December after news of Yahoo’s security breach.
The Centres for Medicare and Medicaid Services on Wednesday morning announced new proposed rules for the Affordable Care Act’s individual insurance exchanges. They would be the first tweaks to Obamacare under Trump.
- Retail sales were much stronger than expected in January, climbing by 0.4%, according to the Commerce Department. A large amount of help came from gasoline sales, as prices continue to increase after the oil crash.
- Consumer prices rose by the most in four years in January, according to the Department of Labour. The consumer price index (CPI) — comprised of a basket of items ranging from clothes to pills — climbed 0.6% month-on-month.
- Industrial production, the Federal Reserve’s gauge of the manufacturing sector, disappointed at the beginning of 2017. It slipped by 0.3%, while capacity utilization fell to 75.3% from 75.6%.
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