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Wall Street rally peters out

Wednesday, July 13, 2016 - 01:27

Stocks couldn't hold onto early gains, but the S&P 500 and Dow managed to end at fresh record highs. Fred Katayama reports.

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The S&P 500 hit an intraday record high. But it shed its gains after plunging oil prices pulled down energy stocks. Stocks will face two headwinds, says Ross Gerber of Gerber Kawasaki: earnings and presidential candidate Donald Trump. SOUNDBITE: ROSS GERBER, CEO, GERBER KAWASAKI, (ENGLISH) SAYING: "I think as we get closer to the election, I think it becomes harder and harder for the market to go higher until we have some certainty that Trump isn't going to win." Crude prices fell sharply after the U.S. reported stockpiles fell less than expected last week. That added to concerns of a global oil glut. The oil price drop weighed on European stocks, but the CAC inched higher. Fiat Chrysler says it'll offer rewards as high as $1500 to ethical hackers who point out data security flaws in its vehicles. Tesla Motors cut prices on its Model X crossover for the second time this year. It's chopping $9,000 off the sticker of the new 60D. Earlier this month, the electric car maker said it had missed sales targets for the second straight quarter. Amazon's Prime Day sale pulled in sixty percent more orders this year despite some checkout glitches. The online retailer said orders received via its mobile app doubled. Teva Pharamceutical Industries says it expects its $40 billion deal to buy Allergan to close - in its words - "at any time." The deal was announced more than a year ago. Both stocks rose.

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Wall Street rally peters out

Wednesday, July 13, 2016 - 01:27