U.S. stocks inched higher on Wednesday powered by technology stocks but
shares of big banks lost steam ahead of a widely-expected interest rate
hike in the afternoon.
Tech stocks lifted major Wall Street indexes, with Apple (AAPL.O) and Facebook (FB.O) rising about 1 percent each.
Shares of JPMorgan (JPM.N) and Bank of America (BAC.N) fell about half a percent each, dragging down the financial stocks as U.S. Treasury yields fell on the back of a disappointing November inflation report.
The markets appear to have already priced in a 25 basis points interest rate hike and investors are eager to know how the Federal Reserve would balance a stimulus-fueled boost to the economy by Trump’s tax-cut plan with benign inflation and tepid wage growth.
Among big movers, Western Digital (WDC.O) gained more than 3 percent and was the biggest tech gainer after the company agreed to settle a dispute with Toshiba.
Shares of Finisar (FNSR.O) soared about 30 percent after Apple (AAPL.O) said it would invest $390 million in the chipmaker to help make chips to power iPhone features.
Advancing issues outnumbered decliners on the NYSE by 1,718 to 1,045. On the Nasdaq, 1,858 issues rose and 880 fell.
Tech stocks lifted major Wall Street indexes, with Apple (AAPL.O) and Facebook (FB.O) rising about 1 percent each.
Shares of JPMorgan (JPM.N) and Bank of America (BAC.N) fell about half a percent each, dragging down the financial stocks as U.S. Treasury yields fell on the back of a disappointing November inflation report.
The markets appear to have already priced in a 25 basis points interest rate hike and investors are eager to know how the Federal Reserve would balance a stimulus-fueled boost to the economy by Trump’s tax-cut plan with benign inflation and tepid wage growth.
Among big movers, Western Digital (WDC.O) gained more than 3 percent and was the biggest tech gainer after the company agreed to settle a dispute with Toshiba.
Shares of Finisar (FNSR.O) soared about 30 percent after Apple (AAPL.O) said it would invest $390 million in the chipmaker to help make chips to power iPhone features.
Advancing issues outnumbered decliners on the NYSE by 1,718 to 1,045. On the Nasdaq, 1,858 issues rose and 880 fell.
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