Wall Street closed at a record high on Wednesday as videogame makers rallied and Apple's market value climbed above $900 billion. Roselle Chen reports.
Wall Street closed at a record high. Videogame makers rallied. Apple's market value climbed above $900 billion on optimism about iPhone X. Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management: (SOUNDBITE) ROSS GERBER, CEO, GERBER KAWASAKI WEALTH AND INVESTMENT MANAGEMENT (ENGLISH) SAYING: "We're bullish on the markets to the end of the year and into the beginning of next year. The risk here is that tax reform fails and we see a correction. But we do see any correction as an opportunity to buy stocks, so until the economic and earnings environment changes, we're very bullish on stocks right now. You know, let's be real, you know, the hen house keys have been given to the fox, and the foxes are eating hens." Tech sector was boosted by a rise in Qualcomm. Brokerages, including Raymond James and RBC, upgraded the stock. They said that, even without a merger with Broadcom, Qualcomm's growth plans could add to share price. Snapchat operator Snap plunged after disappointing earnings. The stock recovered slightly on news that China's Tencent took a 12 percent stake in the company. Take-Two Interactive rose on a stronger-than-expected revenue forecast for the holiday quarter. That sparked a rally among its competitors, Activision Blizzard and Electronic Arts. Financial shares weighed on European markets as some investor doubted U.S. tax reform plans. Major indices closed mixed.