FOX Business: Capitalism Lives Here
The markets budged little Wednesday after making a big swing earlier in the week as traders digested a deluge of corporate news.
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According to preliminary calculations, the Dow Jones Industrial Average rose 6.5 points, or 0.05%, to 13986, the S&P 500 gained 0.72 point, or 0.05%, to 1512 and the Nasdaq Composite dipped 3.1 points, or 0.1%, to 3168.
Tuesday's steep selloff proved to be but a blip on the radar for the markets' big run this year, with the major market averages nearly making up for the losses in a rally the following session. The Dow is up 6.7% for the year, while the broader S&P 500 is up 6%. Both are eyeing record highs.
With very little in the way of data out on the day, focus was on corporate news.
Walt Disney (NYSE:DIS) unveiled better-than-expected results for its fiscal first quarter. Shares of the Dow component jumped more than 3% in early trading. CVS Caremark (NYSE:CVS) also posted a beat on the top and bottom lines, while Time Warner (NYSE:TWX) revealed profits that topped expectations with sales that fell short.
The pace of mergers and acquisitions continues heating up after Dell's (NASDAQ:DELL) big take-private deal announced Tuesday. Liberty Global (NASDAQ:LBTYA) said it would buy Virgin Media (NASDAQ:VMED) for $16 billion in a cash and stock deal. It is expected to shake up the U.K. cable market.
Hewlett-Packard (NYSE:HPQ) shares also got a boost on a report from online magazine Quartz, saying the struggling PC-maker's board is considering a breakup among several options. However, a source familiar with the matter tells FOX Business the company wants to stay together.
U.S. and U.K. regulators ordered Royal Bank of Scotland (NYSE:RBS) to pay $612 million total over manipulation of Libor, a benchmark global interest rate.
Oil futures fell slightly after a volatile trading session. The benchmark contract traded in New York fell two cents to $96.62 a barrel. Wholesale New York Harbor gasoline rose 0.08% to $3.04 a gallon. In metals, gold rose $5.30, or 0.32%, to $1,679 a troy ounce.
The Euro Stoxx 50 fell 1.3% to 2617, the English FTSE 100 rose 0.2% to 6295 and the German DAX slid 1.1% to 7581.
In Asia, the Japanese Nikkei 225 surged 3.8% to 11464 and the Chinese Hang Seng edged up by 0.47% to 23257.