Consumer and healthcare stocks drove the major U.S. market indexes up to close at record highs Wednesday. Fred Katayama reports.
The S&P 500 rose for a seventh straight day Wednesday, getting a lift from consumer and healthcare stocks. The three major indexes grinded higher to close at record highs. Natixis Asset Management's chief market strategist David Lafferty: SOUNDBITE: DAVID LAFFERTY, CHIEF MARKET STRATEGIST, NATIXIS ASSET MANAGEMENT, (ENGLISH) SAYING: "It's happening in an environment with a global economy that's gaining strength. It seems to be about all that matters right now. You mentioned grinding higher. Markets are making new highs, but it's not like they're jumping by leaps and bounds. It sort of matches the underlying trend in the global economy." Apple shares fell. The European Union is taking Ireland to court for failing to recover $15 billion from Apple for unpaid taxes. Separately, the EU ordered Amazon to pay $295 million in back taxes. That was much lower than expected, and shares of the online retailer rose. Shares of Office Depot slid to a near 1-year low. The office supply retailer warned that comparable sales will decline in the third quarter. In economics news, the U.S. service sector grew in September at its fastest pace in 12 years. The markets closed flat in Europe. But the German Dax rose half a percent.