Stocks closed flat after U.S. President Donald Trump said he's disbanding two advisory councils. Fred Katayama reports.
Wall Street pared its gains Wednesday, closing flat, after U.S. President Donald Trump said he's disbanding two advisory councils. That move came after two more CEOs resigned from his manufacturing council after his comments on the weekend violence in Charlottesville. Earlier, surprisingly positive earnings from two retailers had driven the markets higher. CFRA Research investment strategist Lindsey Bell: SOUNDBITE: LINDSEY BELL, INVESTMENT STRATEGIST, CFRA RESEARCH, (ENGLISH) SAYING: "Target had a great report this morning and last night, Urban Outfitters kind of bucking the trend. The overall basket for retail in general has been quite mixed. Department stores did pretty poorly. Home Depot did well but that wasn't reflected in the stock market. But today, Target is definitely a driving force." Urban Outfitters shares shot significantly higher after the apparel retailer's declining quarterly profit and sales beat analysts' estimates. Target reversed four quarters of falling comparable sales and lifted its profit target for the fiscal year. But Amazon shares eased. U.S. President Donald Trump tweeted without evidence that the e-commerce giant was doing "great damage" to tax paying local retailers. In economics news, housing starts unexpectedly fell in July. Construction of single and multi-family homes declined. Minutes from the last Federal Reserve meeting suggest policymakers are worried about weak inflation. In Europe, a rally in mining and oil stocks drove markets higher.