The S&P 500 was down 0.61 points, or 0.03 per cent, at 2,181.13.
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THE QUOTE: With almost 90 percent of S&P 500 companies already reporting, earnings this quarter have been OK, while revenue growth has not been as bad as expected, said Bob Doll, chief equity strategist at Nuveen Asset Management. Gap sank 6.3% after reporting lower sales in the second quarter and in July. The index closed at a new record high and also hit a new intraday high, exceeding the all-time high set on July 20, 2015, at 5,231.94 with a new high of 5,238.54.
The dollar fell sharply against a basket of currencies, with the euro rising to $1.118 and the yen falling to 101.13.
Dow e-minis were up 1 points, or 0.01 percent, with 10,965 contracts changing hands.
Oil futures seesawed Wednesday, with USA crude trading about 0.5 percent higher, after briefly falling more than 1 percent, ahead of the Energy Information Administration’s weekly inventories data release.
The S&P 500 Index (SPX – 2,181.74) picked up 0.9 point, or 0.04%, while hitting another record high. The stock dropped $1.61 to $24.01.
On the corporate front, Valeant Pharmaceuticals shares jumped after the drugmaker reiterated its full year guidance and said it would reorganise after reporting a wider loss in the latest quarter. The Dublin-based company’s shares gained $3.97 to $22.16. Target slid $2.55, or 3.4 percent, to $72.45.
In deal news, Mattress Firm Holding Corp. soared more than 114% after South African furniture retailer Steinhoff International Holdings NV said it planned to buy the company for around $2.4 billion in cash. Chemours added $1.03, or 11.1 percent, to $10.35, while Vivint gained 37 cents, or 11.6 percent, to $3.56. Royal Caribbean Cruises slid $4.92, or 6.7 percent, to $69.06, while Carnival lost $1.30, or 2.8 percent, to $45.18.
The dollar index .DXY fell for the second straight day as weak US productivity data on Tuesday somewhat dimmed the prospects of economic growth and would likely deter the Federal reserve from raising interest rates. Hong Kong’s Hang Seng index fell 0.1 percent, while China’s Shanghai Composite Index gained 0.7 percent. The technology-heavy index closed up 12.34 points or 0.2% at 5,225.48. Stocks in Australia, Taiwan and the Philippines were higher.
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METALS: The price of gold rose $5.60, or 0.4 percent, to $1,339 an ounce. The hiring spree, which followed an even bigger surge in June, gave investors more confidence that the economy is still growing.
