US stocks closed little changed on Wednesday. The British pound also held relatively steady against the dollar after the formal process to trigger the UK’s exit from the European Union began.
Here’s the scoreboard:
- Dow: 20,673.15, -28.35, (-0.14%)
- S&P 500: 2,361.72, +3.15, (0.13%)
- Nasdaq: 5,898.06, +22.92, (0.39%)
- The UK has triggered Article 50. Prime Minister Theresa May sent a letter to the European Council’s president formally requesting a breakaway from the European Union.
- Oil prices edged higher on Wednesday, adding to overnight gains after data showed that U.S. crude supplies rose less than expected last week, easing concerns over a global glut. Crude oil inventories increased by 867,000 barrels in the week ended March 24.
- The attorney general of Massachusetts announced a $US22 million settlement with Santander Bank on Wednesday over the bank’s subprime auto loan securitization. A statement from the office of Attorney General Maura Healey said the bank had facilitated “unfair, high-rate auto loans for thousands of Massachusetts car buyers.”
- Pending home sales jumped 5.5% in February, the most since April 2010, according to the National Association of Realtors. Some prospective homebuyers are speeding up the process in anticipation of higher interest rates.