Wall Street pushed further into record-high territory on Wednesday, helped by a round of positive economic data and ongoing optimism that President Donald Trump will cut corporate taxes. Soren Larson reports.
The Dow and the Nasdaq eked out record intraday highs Wednesday. Stocks getting a lift from strong economic news. In January, firm demand for electronics goods pushed retail sales up more than expected. And consumer prices posted their biggest increase in nearly four years. Oxford Economics' chief U.S. economist Gregory Daco: SOUNDBITE: GREGORY DACO, CHIEF U.S. ECONOMIST, OXFORD ECONOMICS, (ENGLISH) SAYING: "I think there is a general sentiment that the latest numbers in terms of retail sales and inflation do make a case for an earlier rate hike, March being a possibility. I think taht being said, we're stil llikely to see a cautious Fed when it comes to tightening monetary policy. And we still believe that the next rate hike will be in June." A source says Verizon is close to a deal to cut its price to acquire Yahoo's internet business by up to $350 million. The deal was worth $4.8 billion when it was first announced. Airline stocks flew higher. Southwest, United Continental, American, and Delta getting a lift after Warren Buffett's Berkshire Hathaway reported investing more than $2 billion in each of the carriers. Apple also got the Buffett bump after Berkshire boosted its stake in the iPhone maker. Procter & Gamble shot up. Activist investor Trian Fund has taken a $3.5 billion stake in the consumer products giant. Anthem filed a suit to block Cigna from walking away from their $34 billion merger deal. Cigna told Anthem Tuesday it had ended the deal. In Europe, financial stocks led by Credit Agricole drove shares higher.