US stocks closed slightly higher on Wednesday

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Source: Dukascopy Bank SA
US stocks edged up on Wednesday on upbeat data from the US property market and upward revision of the Q2 GDP growth. However, reports that the US economy expanded gradually in the last two months weighted down on hopes for QE3, sending US stocks lower. The S&P 500 Index inched up by 0.08% to close at 1,410.49. Seven out of ten economic sectors within the index advanced. The biggest gains posted telecommunications and consumer services. CenturyLink, Crown Castle International and Frontier Communications added 0.98%, 0.61% and 1.08%, respectively. Among consumer services, Carnival and International Game Technology went up by 0.57% and 0.49%. Meanwhile, Sealed Air was the top-performer on news that a former Dow Chemical executive will become the CEO of the firm after the current CEO retires. On the downside were oil and gas companies as crude oil prices were sharply lower after an unexpected increase in the US crude oil stockpiles last week.


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