Stocks on Wall Street traded mixed Wednesday, Dec. 20, after the U.S. Senate passed a sweeping tax-overhaul bill in the early hours of the day.
The Dow Jones Industrial Average gained 16 points, or 0.7%, while the S&P 500 turned modestly lower. The Dow was higher for the eighth time in 10 sessions.
The Nasdaq fell 0.3% after rising at the open of trading on Wednesday.
U.S. stocks stumbled on Tuesday, Dec. 19, after scoring new record highs during the previous session.
The Senate passed the GOP-led tax bill early Wednesday morning by a vote of 51 to 48, along party lines.
The House of Representatives was poised to reconsider the bill on Wednesday. The House approved the bill on Tuesday, Dec. 19, but the vote will have to be repeated because of a procedural snag pointed out by Senate rules-makers. The House vote was 227 to 203, with no Democrats supporting the bill and 12 Republicans opposed.
FedEx Corp. (FDX) - Get FedEx Corporation Report shares were up 2.5% after the shipping company on Tuesday reported higher quarterly profit due to increased volumes. The company posted second-quarter net income of $775 million, or $2.84 a share, up from $700 million, or $2.59, a year earlier.
Micron Technology Inc. (MU) - Get Micron Technology, Inc. (MU) Report shares gained 2.6% on Wednesday after the chipmaker posted better-than-expected quarterly earnings after the bell on Tuesday. The company reported an increase of 71.4% in net sales to $6.8 billion in the three months to Nov. 30, beating estimates of $6.41 billion.
Micron said it expected adjusted revenue of $6.80 billion to $7.20 billion and an adjusted profit of $2.51 to $2.65 a share for the current quarter.
Red Hat Inc. (RHT) - Get Red Hat, Inc. Report shares fell 6.4% on Wednesday despite the software company reporting fiscal third-quarter earnings and sales above Wall Street estimates and after Red Hat provided upbeat guidance.
General Mills Inc. (GIS) - Get General Mills, Inc. (GIS) Reportreported adjusted earnings of 82 cents a share in its fiscal second quarter, which was in line with analysts' expectations but down 4% from the previous year. The stock fell 0.2%.
Existing-home sales in the U.S. rose 5.6% in November to a seasonally adjusted annual rate of 5.81 million, the best since 2006. Economists expected existing-home sales to decline 0.7% in November.
Oil prices in the U.S. gained 0.2% to $57.68 a barrel after the Energy Information Administration said crude inventories fell by 6.5 million barrels in the week ended Dec. 15, wider than a decrease of 3.8 million barrels that analysts predicted.
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