A rally in energy and consumer discretionary shares helped nudge the major U.S. indexes to record closes Wednesday. Fred Katayama reports.
Wall Street's 3 big indexes eked out record closes Wednesday. A rally in energy and consumer discretionary stocks offset losses in tech stocks. Ross Gerber of Gerber Kawasaki: SOUNDBITE: ROSS GERBER, CEO, GERBER KAWASAKI, (ENGLISH) SAYING: "It's a little bit of digestion. We moved up into new high levels, and we're getting close to breaking into all time highs again, and you know, the market's got to digest each step of this rally as it continues. So we don't look at anything as abnormal today." Apple shares further retreated on concerns about the new iPhone X's high pricetag and later-than-expected launch date. Western Digital shares declined. Its joint venture chip partner, Toshiba, will now focus on selling its semiconductor business to a group led by Bain Capital and SK Hynix. Western Digital, which is vying for the unit, said it was disappointed and surprised. Nordstrom shares zoomed higher. A source said the Nordstrom family has chosen private equity firm Leonard Green & Partners to take the retailer private. Energy shares like Chesapeake and Marathon among the day's biggest gainers. The International Energy Agency said the global crude surplus is starting to shrink. European markets inched higher, led by energy stocks, but the FTSE finished in the red.