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Published: Thu, December 22, 2016
Economy | By Melissa Porter

Wall St little changed; Dow eyes 20000


Used vehicle dealership Carmax jumped $3.09, or 5 percent, to $65.46 after a strong earnings report, while Olive Garden parent Darden Restaurants rose 68 cents to $76.36 following its report. Energy companies are slipping with the price of oil.

The Russell 2000 index retreated 8.76 points, or 0.6 percent, to 1,375.19.

The S&P 500 Index fell 0.2 percent to 2,265 at 4 p.m.in NY after advancing in the previous two sessions.

The Nasdaq Composite .IXIC was up 24.33 points, or 0.45 percent, at 5,481.78.

Stocks were little changed at the open Wednesday as the major indexes remain at record levels and the Dow sits just about 25 points below the historic 20,000 milestone.

"We're looking at a higher opening today but the lack of any major economic news and the fact that market shrugged off Monday's events means stocks will drift in an upwards trend", said Peter Cardillo, chief market economist at First Standard Financial in NY.

The footwear and apparel company confirmed that it expects full-year revenue to grow in a high-single-digit range. Goldman Sachs rose 1.7 percent and Regions Financial rose 2.1 percent.

The Dow slipped 19 points, or 0.1 percent, to 19,955. Its best-performing year was 1915, when it returned 81.66%, and the worst year was 1931 with a loss of -52.67%, according to data from S&P Dow Jones Indices.

The Nasdaq is up 34.27 points, or 0.6 percent. The Dow also ended within 50 points of 20,000.

Bank stocks are taking some of the largest losses Wednesday morning. Higher yields allow banks to charge more money for loans, so financial firms traded higher.

Energy companies rose as the price of oil inched up 0.3 percent.

Chipmaker InvenSense (INVN.N) jumped 16.8 percent to $12.66 after people familiar with the matter told Reuters that Japanese electronic parts maker TDK Corp (6762.T) is in talks to buy the company.

Earnings reports from Nike showed it beat its second quarter expectations, but its stock is still down 17 percent this year.

Shipping company FedEx's earnings fell short of Wall Street forecast as its expenses rose. Its stock climbed $1.28, or 2.9 per cent, to $44.70.

The S&P 500 is up 221.24 points, or 10.8 percent. The Nasdaq composite fell 6 points to 5,476.

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