Closing Bell: Private-Prison Stocks Plummet on DoJ Decision; U.S. Stocks Climb

The S&P 500 closed just points from its record high as a crude oil rally distracted Wall Street from uncertainty over the Federal Reserve's rate-hike plans.

Author:: Keris Alison Lahiff
Publish date:: Aug 18, 2016 4:25 PM EDT

The S&P 500 closed just points from its record high as a crude oil rally distracted Wall Street from uncertainty over the Federal Reserve's rate-hike plans. Crude closed higher for the sixth straight session, settling at its best since July 1. Private-prison operators plunged after the Department of Justice announced it would end contracts with for-profit institutions. Publicly-owned prisons Corrections Corp. of America (CXW) - Get Report and GEO Group (GEO) - Get Report moved sharply lower on the news. Williams Cos. (WMB) - Get Report surged on reports it had rejected a takeover bid from Enterprise Product Partners (EPD) - Get Report over the summer. Enterprise remains interested in an acquisition and may make another offer. SunEdison Semiconductor (SEMI) rocketed higher after agreeing to be purchased by GlobalWafers. The $12-a-share offer represents a 45% premium to its Wednesday closing price.