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Midway through trading Wednesday, the Dow traded up 0.19 percent to 20,877.82 while the NASDAQ climbed 0.12 percent to 5,863.95. The S&P also rose, gaining 0.29 percent to 2,372.40.
Leading and Lagging Sectors
Energy shares rose 1.05 percent in trading on Wednesday. Meanwhile, top gainers in the sector included Stone Energy Corporation (NYSE:SGY), and W&T Offshore, Inc. (NYSE:WTI).
In trading on Wednesday, technology shares fell 0.06 percent. Meanwhile, top losers in the sector included QAD Inc. (NASDAQ:QADB), down 9 percent, and Sequans Communications SA ADR (NYSE:SQNS), down 7 percent.
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Top Headline
AT&T Inc. (NYSE:T) disclosed that the European Commission has approved its $85 billion acquisition deal with Time Warner Inc (NYSE:TWX).
The deal is expected to close by the end of the year.
Equities Trading UP
Digital Power Corporation (NYSE:DPW) shares shot up 81 percent to $1.07 after the company reported a $50 million purchase order.
Shares of Catalyst Pharmaceuticals Inc (NASDAQ:CPRX) got a boost, shooting up 35 percent to $1.58 after the company reported positive data from investigator-sponsored trial of Firdapse.
Cesca Therapeutics Inc (NASDAQ:KOOL) shares were also up, gaining 11 percent to $3.18 as the company announced encouraging data from a study evaluating the use of autologous platelet rich plasma (PRP) for the treatment of chronic non-healing ulcers.
Equities Trading DOWN
The Rubicon Project Inc (NYSE:RUBI) shares dropped 27 percent to $6.11. Rubicon Project reported upbeat results for its fourth quarter and named Michael Barrett as CEO.
Shares of DragonWave, Inc.(USA) (NASDAQ:DRWI) were down around 21 percent to $1.50. DragonWave reported a $1.79 million private placement.
FTD Companies Inc (NASDAQ:FTD) was down, falling around 20 percent to $18.67. FTD Cos. reported Q4 adjusted net income of $13.3 million on sales of $280.7 million. Sidoti & Co. downgraded FTD from Buy to Neutral.
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Commodities
In commodity news, oil traded up 1.41 percent to $49.03 while gold traded down 0.30 percent to $1,199.00.
Silver traded down 0.28 percent Wednesday to $16.88, while copper rose 0.68 percent to $2.65.
Eurozone
European shares were higher today. The eurozone’s STOXX 600 rose 0.39 percent, the Spanish Ibex Index rose 0.88 percent, while Italy’s FTSE MIB Index climbed 0.94 percent. Meanwhile the German DAX rose 0.23 percent, and the French CAC 40 gained 0.25 percent while U.K. shares rose 0.25 percent.
Economics
The Consumer Price Index increased 0.1 percent for February, versus economists’ expectations for a 0.1 percent growth.
U.S. retail sales rose 0.1 percent for February, versus economists’ expectations for a 0.1 percent gain.
The Empire State manufacturing index dropped to 16.4 in March, compared to 18.7 in February. Economists were expecting a reading of 15.
U.S. business inventories rose 0.3 percent for January, compared to economists’ estimates for a 0.3 percent growth.
The NAHB housing market index climbed to 71.00 in March, versus a prior reading of 65.00. Economists were projecting a reading of 65.00.
Crude-oil supplies dropped 200,000 barrels for the week ended March 10, the U.S. Energy Information Administration reported. Analysts projected a gain of 3.5 million barrels. Gasoline supplies dropped 3.1 million barrels, while distillate stockpiles fell 4.2 million barrels last week.
The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET..
The Fed Chair Janet Yellen will hold a press conference at 2:30 p.m. ET.
The Treasury International Capital data for January is schedule for release at 4:00 p.m. ET.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.