Closing Bell: Stock Rally Fades; AB InBev to Sell Peroni, Grolsch
Early upward momentum faded in the final hour of trading on Wednesday as Disney and IBM dragged the Dow to session lows.
Earlier upward momentum faded in the final hour of trading as Disney (DIS) and IBM (IBM) dragged the Dow Jones Industrial Average to session lows on Wednesday. Markets had rallied earlier on dovish comments from Federal Reserve Chair Janet Yellen. SolarCity (SCTY) shares lost around a third of their value after the solar company warned it would likely fall short of its installation goals as weakness in commercial sales continues. Anheuser-Busch (BUD) could unload its Peroni and Grolsch brands for just under $2.9 billion in cash. The beer company has been looking to sell those brands as it seeks to gain regulatory approval for its proposed acquisition of SABMiller.
