Closing Bell: S&P 500 at Record; Senate Passes Motion to Proceed on Healthcare
The S&P 500 and Nasdaq ended at records, though the Dow Jones Industrial Average missed out on its own by just points. Earnings from McDonald's Corp. (MCD) - Get Report and Caterpillar Inc. (CAT) - Get Report and a crude oil rally drove the bulk of gains. A majority of Senate Republicans voted in favor of a motion to proceed with a repeal-and-replace bill. The vote opens up a debate on the GOP's healthcare bill, the details of which are still unknown. The motion passed with 50 Republican votes in favor with Vice President Mike Pence casting the tie-breaking 'yes' vote. Biogen Inc. (BIIB) - Get Report was active on an improved outlook. An increase in guidance was tied to the faster than anticipated adoption of its muscular atrophy treatment in the U.S. Barnes & Noble (BKS) - Get Report rocketed higher after a call from activist investor Sandell Asset Management to sell itself. The shareholder said Barnes could entice bids of more than $12 a share.
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