Closing Bell: Trading is Mixed Thanks To Lags In Tech
The Dow Jones Industrial Average reached a new record close on Wednesday, moving even closer to 24,000, while the Nasdaq and S&P 500 finished lower.
Shares of Chipotle Mexican Grill Inc. were higher after the fast-casual restaurant chain announced that it is seeking a new CEO. Current Chairman and CEO Steve Ells will shift to the position of executive chairman once the search is complete. In a statement, Ells said the company needs to "execute better to ensure our future success."
Walmart Stores Inc. was upgraded to sector perform from underperform at RBC Capital. Its stock price target was increased to $96 from $92. The firm said it sees investments paying off in the long term, putting it on far stronger footing with Amazon.com Inc.
In economic news, the U.S. economy grew at a faster pace in the third quarter than initially estimated, according to a second estimate of gross domestic product released Wednesday. Economic growth was raised to 3.3% from 3% and came in above an expected upward revision to 3.2% growth. While business equipment investment rose, consumer spending came in weaker than initially thought. The headline third-quarter number was the strongest in three years.
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