Stocks slipped into the close in a mixed day of trading on Wall Street.
Additionally, oil and oil company stocks surged in trading as OPEC finally agreed to a production cut for its member countries.
We’ve got all the headlines, but first, the scoreboard:
- Dow: 19,164.57, +42.97, (+0.22%)
- S&P 5o0: 2,202.65, -2.01, (-0.08%)
- Nasdaq: 5,331.50, -48.18, (-0.90%)
- WTI crude oil: $48.97, +$3.74, (8.27%)
- OPEC formally agreed to a production cut. The oil cartel said they would cooperate with non-OPEC producers, mostly Russia, to cut output by 1.8 million barrels per day, or 2% of global output. This is the first production cut agreed on by the member states since 2008.
- Trump nominated Steven Mnuchin for Secretary of the Treasury. Mnuchin is a former Goldman Sachs banker, fund manager, and film producer. In an interview with CNBC on Wednesday morning Mnuchin said that the administration’s top priority would be to cut taxes.
- The Federal Reserve released its beige book. The look at the various parts of the US economy showed continued growth in many sectors, with pre-election jitters reported from respondents.
- Valeant’s sale of Salix may be falling apart. The troubled pharmaceutical company was trying to sell off its Salix unit to Takeda but Dow Jones reported the talks may have broken down. The stocks fell just shy of 7% in trading on Wednesday.
- GoPro is laying off 15% of its workforce. The struggling camera company reported that it will shut down its entertainment division as well. The stock rose by a little over 2% on the day.
- ADP Private payrolls jumped 216,ooo for November. This was higher than the 170,000 projected by economists.
- The Fed’s favourite measure of inflation stayed at 1.7% for October. The data form the Commerce Department also showed personal incomes rose 0.6%, higher than the 0.4% projected. Spending ticked up 0.3% from the month before, lower than analysts’ estimates of 0.5% growth.