Nasdaq, S&P rise as House readies 2nd Trump impeachment

Intel shares rose 7% after naming a new CEO

Stocks flirted with record highs Wednesday but fell short as the House of Representatives prepared a second impeachment of President Trump.

Continue Reading Below

The Dow Jones Industrial Average closed down 8 points, or 0.03%, while the S&P 500 advanced 0.23% and the Nasdaq Composite added 0.43%.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES30814.26-177.26-0.57%
SP500S&P 5003768.25-27.29-0.72%
I:COMPNASDAQ COMPOSITE INDEX12998.502287-114.14-0.87%

The mixed session came as Democrats in the U.S. House of Representatives readied their case for a second impeachment of President Trump, which was expected to pass mostly along party lines.

A Senate trial won't begin until at least Jan. 19, a day before President-elect Joe Biden's inauguration, when the upper chamber reconvenes, Republican Senate Majority Leader Mitch McConnell's office told Democratic Minority Leader Chuck Schumer, according to The Washington Post. McConnell said in a statement that he hasn't decide how he will vote.

In stocks, Intel CEO Bob Swan will step down on Feb. 15 and be replaced by VMWare Inc. executive Pat Gelsinger. Intel also said it expects fourth-quarter earnings and revenue to exceed previously issued guidance, helping send shares to their best day since April.

TickerSecurityLastChangeChange %
INTCINTEL CORPORATION57.58-1.67-2.82%

INTEL CEO BOB SWAN IS OUT

TickerSecurityLastChangeChange %
JNJJOHNSON & JOHNSON160.30-0.35-0.22%

Elsewhere, Johnson & Johnson is on track to submit its COVID-19 vaccine candidate for European Union approval in February, an EU lawmaker said.

Elsewhere, Target Corp. reported same-store sales rose 17.2% year-over-year in November and December as online sales more than doubled. The home goods and hardlines categories both saw growth in the low-20% range.

TickerSecurityLastChangeChange %
TGTTARGET CORP.194.80-3.21-1.62%

GET FOX BUSINESS ON THE GO BY CLICKING HERE

GameStop Corp. shares soared as much as 94% before pulling back amid what appeared to be a short-covering rally. Short interest in the stock had reached 138% of shares outstanding.

TickerSecurityLastChangeChange %
GMEGAMESTOP CORP35.50-4.41-11.05%

In deals, Visa Inc. and financial technology company Plaid called off their $5.3 billion merger after the U.S. government filed an antitrust lawsuit to stop the transaction.

TickerSecurityLastChangeChange %
VVISA INC.201.59-0.27-0.13%

Meanwhile, Exxon Mobil Corp. was upgraded to “buy” by J.P. Morgan, which said increased investor pressure and the plans to reduce capital spending are among the factors that will produce “more consistent results.”

TickerSecurityLastChangeChange %
XOMEXXON MOBIL CORPORATION47.88-2.44-4.85%
CVXCHEVRON CORP.92.08-3.41-3.57%

Looking at commodities, West Texas Intermediate crude oil fell 30 cents to $52.91 per barrel and gold climbed $10.70 to $1,853.60 an ounce.

In economic data, mortgage refinancing rose 20% from the prior week as Americans looked to lock in near-record-low rates.

Additionally, the consumer price index rose 0.4% month-over-month in December, in line with expectations and up from a 0.2% increase the month prior. Prices were up 1.4% annually.

MARK CUBAN PREDICTS BITCOIN, TOP CRYPTOS TO THRIVE LIKE TECH-BUBBLE SURVIVORS

European markets were little changed with France’s CAC 40 up 0.21% and Britain’s FTSE 225 down 0.13%.

Asian markets ended mixed with Japan’s Nikkei 225 advancing 1.04% while Hong Kong’s Hang Seng index and China’s Shanghai Composite index slid 0.15% and 0.27%, respectively.