How major US stock market indexes fared on Wednesday
Stock indexes wobbled between modest gains and losses Wednesday, as the White House unveiled broad outlines of its plan to slash tax rates but left many of the details to be determined.
The Nasdaq composite slipped 0.27 points, or less than 0.1 percent, to 6,025.23.
Shares of glass and coatings manufacturer Ferro Corporation (NYSE: FOE) soared as much as 11.6% on Wednesday before retracing to close the day up 9.6%. Ferro reported a $0.26-per-share profit for its fiscal first quarter 2017, reversing its year-ago loss and beating analyst estimates for $0.25 per share. Q1 revenues of $320.6 million likewise exceeded the consensus estimate of $300.6 million.
After spending most of the session in positive territory, stocks dipped in the final hour of trading to end with slight declines. By the closing bell, the Dow Jones Industrial Average (DJINDICES: ^DJI) and the S&P 500 (SNPINDEX: ^GSPC) indexes had each shed less than 0.25%. IndexPercentage ChangeContinue reading
The stock market finished in the red Wednesday, with very modest losses in most major benchmarks. Even the release of a broad outline of the Trump administration's tax reform plan wasn't enough to spur too much excitement among investors, as some worry that the plan's focus on corporate taxes and balanced approach toward individual income tax reform might not resonate with the bulk of the American public.
Shares of optical component companies have dropped today, including Oclaro (NASDAQ: OCLR), Acacia (NASDAQ: ACIA), Lumentum (NASDAQ: LITE), and Finisar (NASDAQ: FNSR), whose shares were down 11%, 11%, 6%, and 3%, respectively, as of 3:30 p.m. EDT, after the U. S. broadened its investigation regarding compliance with sanctions programs. The New York Times reported on Wednesday that the U.