Nasdaq Closes at Record as Stocks Finish Mixed and End Five-Day Winning Streak

The Nasdaq closed at a record Wednesday as stocks finish mixed, while the House of Representatives moves toward a historic vote on two articles of impeachment against Donald Trump.
Author:
Updated:
Original:
  1. The Nasdaq finished at a record Wednesday in a day of mixed trading while the House of Representatives moved toward a vote on two articles of impeachment against President Donald Trump.
  2. FedEx is Real Money's Stock of the Day. The package delivery company said earnings in its fiscal second quarter fell 39% and the company cut its earnings outlook for fiscal 2020.
  3. General Mills posted stronger-than-expected second-quarter earnings and affirmed its full-year profit guidance.

The Nasdaq finished at a record Wednesday in a day of mixed trading that ended Wall Street's five-day winning streak, while the House of Representatives moved toward an historic vote on two articles of impeachment against Donald Trump.

The vote is unlikely to remove the president from office. The Senate said it will take up the vote in the new year and the vote in that body needs a supermajority to convict Trump. It will, however, underscore the ongoing political divisions in Washington heading into next year's elections.

The Dow Jones Industrial Average lost stream during the day and finished down 27 points, or 0.10%, to 28,239, the S&P 500 slipped 0.04%, while the Nasdaq rose 0.05%.

The S&P 500 and Nasdaq hit all-time intraday highs during the session. 

Wynn Resorts (WYNN) - Get Report was the biggest gainer on both the Nasdaq and the S&P 500.

Wynn and other U.S.-listed casinos with operations in Macau saw their shares rise after the People's Bank of China said it would raise the remittance limit on individuals’ transfer of money from Macau to mainland Chinese accounts to 80,000 yuan per day, or roughly $11,424, from 50,000 yuan.

The three major stock market indexes closed at records Tuesday as stronger-than-expected housing data for November continued to support the bullish case for U.S. stocks.

Fiat Chrysler Automobiles  (FCAU) - Get Report and PSA Peugeot on Wednesday reached an agreement to merge in a combination that will create the world’s fourth-largest auto company.

"The merged entity will maneuver with speed and efficiency in an automotive industry undergoing rapid and fundamental changes," the automakers said Wednesday.

FedEx  (FDX) - Get Report tumbled 10% to $146.79 Wednesday after the package-delivery giant said earnings in its fiscal second quarter fell 39% and it cut its earnings outlook for fiscal 2020.

General Mills  (GIS) - Get Report posted stronger-than-expected second-quarter earnings and affirmed its full-year profit guidance, as pet food sales supported top-line growth for the consumer brands giant.

Nvidia  (NVDA) - Get Report rose Wednesday after the chipmaker unveiled a series of deals with some of Asia's biggest tech companies as it continues to expand its offerings beyond its video gaming roots.

In addition, people familiar with the matter told Reuters that the EU's antitrust authorities are prepared to clear, without conditions, Nvidia's proposed acquisition of Mellanox  (MLNX) - Get Report