Stocks were relatively flat on Wednesday, but the Nasdaq managed to eke out a gain, hitting a new record high. Bobbi Rebell reports.
Stocks relatively flat Wednesday, but the Nasdaq managed to inch higher to a new record. Investors focused on the outlook for interest rates. The Fed's Beige Book showing the economy continued to expand at a modest pace during July and most of August, with wage pressures limited. Jane Barratt, CEO of Goldbean: SOUNDBITE: JANE BARRATT, FOUNDER AND CEO, GOLDBEAN, (ENGLISH) SAYING: "I think, all eyes were on the wage growth numbers, and everyone is looking for is there enough pressure coming from wage growth to warrant an interest rate hike, and, I think, the numbers today said 'no.'" The big Apple iPhone 7 and 7 Plus did little for the stock. Apple also unveiled a new watch along with a Nike partnership and a Pokemon Go deal. Another tech giant also making headlines: Sony. The company unveiled new more powerful versions of its PlayStation 4 console, the PS4 Pro, complete with 4K capabilities. Chipotle stock jumped after activist investor Bill Ackman took a close to 10 percent stake. Chipotle has been struggling to revive sales after food-borne illness outbreaks. It's stock is down nearly forty percent in the last year. European shares hovering near eight month highs. The major country indexes all posting gains.