House Democrats contend the $15 per hour minimum wage bill will lift workers who have not seen the benefits of a strong economy.Politicsread more
Analysts think Microsoft's Azure cloud growth slowed in the fiscal fourth quarter. But Windows revenue could benefit from better-than-expected PC sales.Technologyread more
Trump said the USS Boxer fired on and destroyed Iran's drone in the Strait of Hormuz on Thursday in a "defensive action."Politicsread more
Stocks erased earlier losses, but the rise was kept in check as Wall Street digested a mixed batch of corporate earnings results.US Marketsread more
The Philadelphia Fed saw its primary gauge measuring the sector jump from 0.3 in June to 21.8, far better than Wall Street estimates of 5 and the highest in a year.Economyread more
"It's better to take preventative measures than to wait for disaster to unfold," Williams told the annual meeting of the Central Bank Research Association.The Fedread more
The fact that interest rates are relatively low makes the idea of a so-called insurance rate cut later this month an attractive option for the Fed.Market Insiderread more
Video of the event does not show the president disagreeing with his supporters. Instead, it shows that Trump paused as the chant began, allowing his supporters to continue...Politicsread more
President Trump said he's looking at the JEDI Contract that will be awarded to Microsoft or Amazon.Technologyread more
Wealthy clients liquidate some investments every year to cover their tax bill, so presumably this was higher than what Morgan Stanley has seen previously.Financeread more
Hacker Square at Facebook's headquarters pays homage to the company's early motto of moving fast and breaking things.Technologyread more
The Dow Jones industrial average closed at an all-time high on Wednesday as investors bet the U.S. economy's momentum would continue.
The U.S. economy has picked up steam this year, growing at an annualized rate of more than 3 percent each of the past two quarters.
"There's a lot of momentum" in the U.S. economy and that's being reflected in stocks, said Randy Frederick, vice president of trading and derivatives at Charles Schwab. "I can't think of anything other than a black-swan event that would derail it."
The Commerce Department released its second read on third-quarter U.S. GDP, which showed the economy expanded at an annualized rate of 3.3 percent. The number matched estimates and surpassed an initial read of 3.0 percent growth.
UnitedHealth and JPMorgan Chase were the best-performing stocks in the Dow, which jumped 103.97 points to close at 23,940.68.
The hit an intraday record, but finished just below the flatline at 2,626.07 as a decline in tech stocks offset a strong performance from the financials sector. The tech sector fell 2.6 percent, while financials surged 1.8 percent.
"There has been some group rotation happening," said Marc Chaikin, CEO of Chaikin Analytics. "Yesterday you saw financials break out of a four-week downtrend and today they're up again."
Regional banks hit an all-time high, as the SPDR S&P Regional Banking ETF (KRE) surged 3.3 percent.
Retailers rose broadly on Wednesday, following a strong start to the holiday shopping season. The SPDR S&P Retail exchange-traded fund (XRT) rose 2.5 percent as shares of Macy's and Nordstrom rose 8.2 percent and 7.2 percent, respectively.
The Dow, S&P 500 and Nasdaq all hit record highs on Tuesday, boosted by hopes the GOP-led Congress would be able to pass tax-reform legislation and by testimony from Federal Reserve Chair nominee Jerome Powell.
The Senate Budget Committee approved the Senate's tax plan on Tuesday, bringing the upper chamber closer to a floor vote, which is expected to take place Thursday. Regarding Powell, he said current regulations on the financials sector are "tough enough," adding he supports the "tailoring" of some regulations to ease the burden on small banks.
In corporate news, Chipotle Mexican Grill said it has begun searching for a new CEO, with current Chief Executive Steve Ells becoming executive chairman. The fast-casual restaurant's stock jumped 5.6 percent.
Meanwhile, analysts at Morgan Stanley upgraded shares of Allergan to overweight from equal weight, noting that "fears about a 'better Botox' may be overdone. " Allergan's stock rose 2.2 percent.