Nasdaq inches to new high

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.

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.

(c) Copyright Thomson Reuters 2016

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