Wall Street hits fresh record highs

Business World - - WORLD MARKETS -

WALL STREET closed at a record high on Wed­nes­day as videogame mak­ers ral­lied and Ap­ple’s mar­ket value climbed above $900 bil­lion.

Take-Two In­ter­ac­tive Soft­ware jumped 10.58% after the videogame maker of­fered a strongerthan-ex­pected rev­enue fore­cast for the hol­i­day quar­ter.

That sparked a rally among its com­peti­tors, with Ac­tivi­sion Bliz­zard surg­ing 5.89% and Elec­tronic Arts adding 2.19%.

Buoyed by op­ti­mism about the re­cently re­leased iPhone X, Ap­ple added 0.82% and ended with a mar­ket cap­i­tal­iza­tion of $905 bil­lion, its high­est ever.

More broadly, in­vestors re­mained ner­vous about the po­ten­tial out­come of the Repub­li­can plan un­veiled last week that would cut cor­po­rate taxes while elim­i­nat­ing a range of pop­u­lar tax breaks. The bill is ex­pected to face strong op­po­si­tion from in­ter­est groups.

‘COM­PLI­CATED, MESSY AF­FAIR’

Repub­li­cans have yet to score a ma­jor leg­isla­tive win since Mr. Trump took off ice in Jan­uary, even though the party con­trols both cham­bers of Con­gress as well as the White House.

“It’s a com­pli­cated, messy af­fair to get a tax bill passed,” said Tim Dreil­ing, Re­gional in­vest­ment Di­rec­tor for US Bank Pri­vate Wealth Man­age­ment, with $150 bil­lion in as­sets un­der man­age­ment. “There is go­ing to be some give and take be­fore we get a fi­nal tax pack­age to be voted on.”

The S&P 500 has risen about 21% since the elec­tion of Pres­i­dent Don­ald Trump a year ago, partly on the back of his prom­ises to cut taxes and im­ple­ment other busi­ness- friendly mea­sures.

DRIV­ERS

Wall Street’s three ma­jor in­dices closed at record highs. The Dow Jones In­dus­trial Av­er­age edged up 0.03% to end at 23,563.36, while the S&P 500 gained 0.14% to 2,594.38. The Nas­daq Com­pos­ite added 0.32% to 6,789.12.

Six of the 11 ma­jor S&P sec­tors rose, led by a 1.08% in­crease in con­sumer sta­ples.

The tech sec­tor was boosted 0.50% by a 2.17% rise in Qual­comm after the smart­phone chip­maker launched a server pro­ces­sor aimed at chal­leng­ing In­tel. In­tel de­clined 0.17%.

Snapchat owner Snap fell 14.62% a day after re­port­ing much-slower-than ex­pected ad­ver­tis­ing rev­enue and user growth. Snap said China’s Ten­cent bought a 12% stake in the com­pany.

Ad­vanc­ing is­sues out­num­bered de­clin­ing ones on the NYSE by 1.03 to one; on Nas­daq, a 1.05-to-one ra­tio fa­vored de­clin­ers. About seven bil­lion shares changed hands on US ex­changes, above the 6.50 bil­lion daily av­er­age over the last 20 ses­sions. —

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