Wall Street edged lower on Wednesday as investors stewed about future interest rate hikes, and cheaper oil dragged down energy shares, although Apple surged to its highest level this year. Bobbi Rebell reports.
A big stock rally lost steam Wednesday afternoon on renewed concerns about rate hikes and cheaper oil dragging down energy shares. Apple a big gainer on reports of strong demand and positive reviews for its new iPhones. Ross Gerber of Gerber Kawasaki: (SOUNDBITE) ROSS GERBER, PRESIDENT, GERBER KAWASAKI (ENGLISH) SAYING: "Apple got the gift of all gifts with the Samsung creating an exploding phone, and the fact that the Samsung Note is a disaster actually really helps Apple as they launch a great new iPhone." Monsanto finally agreed to Bayer's third increased bid of $66 billion. The deal will create an agribusiness giant that will command more than a fourth of the world market for seeds and pesticides. Vitae Pharmaceuticals shares more than doubled after Allergan said it would buy the company for $639 million. Ford stock fell after the automaker said its financial performance in 2017 would decline from this year's levels. Turning to Europe, shares closed mostly lower. The London FTSE edging higher.