Dow Closes at New Record High; Fed Minutes Pave Way for Rate Hike
The Dow Jones Industrial Average, the S&P 500 and the Russell 2000 closed at fresh record highs Wednesday.
The Dow closed above 19,000 for the second session in a row. The Dow was up 0.3%, the S&P 500 was higher by 0.08%, while the Nasdaq declined 0.11%.
The minutes of the Federal Reserve's November meeting were released, which revealed that most FOMC members said it could be appropriate to hike short-term interest rates "relatively soon." The markets are pricing in a roughly 94% chance of a rate hike at the Fed's Dec. 14 meeting.
HP (HPQ) - Get Report was one of the worst performing stocks in the S&P 500. On Tuesday, the company reported fiscal fourth quarter revenue of $12.5 billion, a 2% year-over-year increase, eclipsing estimates by $620 million. For fiscal 2016, revenue is down 6%.
Bed Bath & Beyond (BBBY) - Get Report has agreed to acquire PersonalizationMall.com for $190 million in cash. Bed Bath & Beyond says the acquisition will increase its earnings per share for fiscal 2016, but the stock wrapped up Wednesday's session to the downside.
