Closing Bell: Teva Tumbles and Trump Disbands CEO Councils

This is how markets closed this Wednesday, August sixteenth.

This week's midpoint found markets up, but little changed, with the Dow tallying a gain to inch back above 22,000. The S&P rallied just barely to notch about a 0.14% gain. And the Nasdaq finished Wednesday up 0.19%.

Domestic politics took the spotlight, as President Trump took to Twitter to announce he's disbanding the CEO councils he created. The decision comes after at least eight members from the Manufacturing Council and Strategy and Policy Forum called it quits. The business leaders left the groups in response to President Trump's reaction to racist violence in Charlottesville, Virginia.

And the Fed's July meeting minutes showed it'll wait for an upcoming meeting to get started shedding some of its debt. Investors had previously expected a balance sheet trim relatively soon, pending predicted economic expansion.

Teva (TEVA) - Get Report Pharmaceuticals was hit with another blow Wednesday. Analysts at Citigroup, which was one of Teva's last holdouts with a buy rating, downgraded the stock to neutral. Citi admitted it was, "wrong about Teva" and expressed concerns about generic drug pricing. Today's nearly 3% decline pared gains made yesterday for the Israeli drug maker.

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This article was written by a staff member of TheStreet.