Chinese Stocks Go on Wild and Scary Ride With Stocks Closing Higher

It was another wild and scary ride for Chinese stocks Wednesday. Shares of the Shanghai Composite fell 5% in early trading but closed up 1% on speculation government buyers were stepping in to prop up shares. The u-turn came after a handful of companies disclosed their biggest shareholders, some of which included state backed firms. Lowe's (LOW) missed its earnings expectations but revenue was a bit higher than expected. Last month, Lowe's announced it would open two stores in Manhattan, the first Lowe's in the city. Analog Devices (ADI) turned in solid earnings and guidance. Bank of America Merrill Lynch sees the Consumer Price Index in July rising slightly. Minutes from the most recent Federal Reserve meeting will be released today as the final key piece of data before the September Federal Reserve Board meeting.