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VOL. 42 | NO. 23 | Friday, June 08, 2018
NEW YORK (AP) — U.S. stocks are mixed Wednesday morning after a federal court ruled in favor of AT&T’s acquisition of Time Warner. That could pave the way for other megadeals in the media and phone industries, and investors bet that big deals in the health care field also have a better chance of getting approved now. Investors are also waiting for the Federal Reserve to conclude its current meeting, where the central bank is expected to raise interest rates.
KEEPING SCORE: The S&P 500 index rose 2 points, or 0.1 percent, to 2,789 as of 10:25 a.m. Eastern time. The benchmark index is at its highest level since late January, when investors began worrying about a sharp pickup in inflation. Those concerns have since eased. The Dow Jones industrial average rose 15 points, or 0.1 percent, to 24,335.
The Nasdaq composite gained 28 points, or 0.4 percent, to 7,732. The Russell 2000 index of smaller-company stocks was unchanged at 1,682. Both of those indexes are at record highs.
Most of the stocks listed on the New York Stock Exchange traded lower.
CABLE CONNECTION: Late Tuesday a judge approved AT&T’s $85 billion purchase of Time Warner and rejected the government’s argument that the deal would stifle competition and lead to higher cable bills. The purchase will give the wireless and cable giant control of CNN, HBO and the Warner Bros. movie studio. Time Warner climbed 4.7 percent to $99.76 while AT&T lost 4 percent to $32.96. Netflix gained 2.1 percent to $371.45 even though a larger A&T might create tougher competition for it.
Investors are waiting for Comcast to officially announce an all-cash offer for Twenty-First Century Fox’s entertainment businesses based on