Surprisingly positive auto sales and the Fed’s release of the most recent Beige Book had the markets higher for another day on Wednesday. August was the best month of car sales that the US has seen in almost six years. Stocks also were up on possible action in Syria. Techs had a great day and were led by Apple (AAPL) and Intel (INTC). LinkedIn (LNKD) dropped after announcing their planned sale of 4.17 million shares of Class A stock. The US dollar was close to a six-week high on Wednesday against a group of major currencies on all of the recent economic data. Oil settled slightly lower beneath $108 a barrel which makes it more than a one-week low.
Word on the Street
- The Fed’s most recent Beige Book reports “modest to moderate” growth.
- August sales of autos in the US are close to 16 million for the first time since December 2007.
- Shares of J.C. Penney (JCP) surge after a boost from hedge fund managers.
- Will Ackman’s Pershing Square Capital Management loses 3.6% in August.
- Treasurys hold losses after report shows increase in US trade deficit in July.
- Verizon (VZ) Shares Down on Vodafone (VOD) Deal.