STOCKS GO NOWHERE: Here's what you need to know

Stocks keep creeping ever-so-slightly upwards to new record highs.

The S&P 500 closed up by 0.12%, the Dow closed up by 0.08%, and the Nasdaq closed up by 0.04%.

First up, the scoreboard:

  • Dow: 22,665.60, +23.93, (+0.11%)
  • S&P 500: 2,537.49, +2.86, (+0.11%)
  • Nasdaq: 6,532.27, 0.53, (+0.02%)
  • US dollar index: 93.48 (-0.10%)
  • US 10-year yield: 2.334, +0.002

1. The benchmark Puerto Rico bond fell to record lows after President Donald Trump said the US territory’s debt would have to be written off. “I can’t think of any time when a president has opined on a muni bankruptcy case,” Greg Clark, the head of municipal research at Debtwire, said. “We’re in — I guess it’s fair to say — uncharted waters with the president’s comments,” he told Business Insider.

2. Amazon shrugged off an order to pay $US294 million in back taxes to the EU. Shares were up by 0.7% in the afternoon. The order stems from Amazon’s business organisation in Europe, which funneled most of the company’s European profits through a holding company in Luxembourg that had more favourable tax laws.

3. Google stayed down after its Pixel 2 and hardware event. The company is trading 0.35% lower to $US971.00 after announcing several new hardware products at its annual Made By Google event. Alphabet was trading lower on the day before the event started, and didn’t move much during or after the event.

4. GoPro slipped by as much as 5% as Google announced its tiny Clips camera. Using facial recognition for people and pets, the Google Clips camera takes photos and videos without sound of moments that its owners miss or are unable to capture.

5. The FDA approved a “complex generic drug” — which sent one stock soaring and another crashing. Shares of Teva Pharmaceuticals, which makes the branded version of Copaxone, fell by 11% on Wednesdsay, while Mylan, which makes the new generic version, was up as much as 18%.

6. Catalonia will take steps on Monday towards declaring independence from Spain, a regional government source told Reuters. Pro-independence parties which control the regional parliament have asked for a debate and vote on Monday on declaring independence, the source said. A declaration should follow this vote, although it is unclear when.


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