NEW YORK (AP) – U.S. stocks are mixed Wednesday after a federal court ruled that AT&T’s $85 billion purchase of Time Warner can proceed. That could pave the way for hundreds of billions’ worth of deals in the media and phone industries as well as health care, as investors felt numerous mergers now stand a better chance of getting approved. 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 3 points, or 0.1 percent, to 2,790 as of 12 p.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 16 points, or 0.1 percent, to 24,337.
The Nasdaq composite gained 40 points, or 0.5 percent, to 7,743. The Russell 2000 index of smaller-company stocks was unchanged at 1,682. Both of those indexes are at record highs.
FILE- In this April 24, 2018, file photo, replicas of Arturo Di Modica’s “Charging Bull” are for sale on a street vendor’s table outside the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Wednesday, June 13. (AP Photo/Mary Altaffer, File)
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