Stocks close mixed as legal worries overshadow bull-market record

Paul
Manafort and Michael Cohen.
AP/File

Stocks closed mixed Wednesday even as the S&P 500 hit its
3,453rd day without a major correction, marking the longest bull
market in history. Strong earnings reports were unable to calm
nerves surrounding a one-two legal punch to the White House that
implicated President Donald Trump. The Federal Reserve signaled
it would hike rates next month. 

Here’s the scoreboard:

Dow Jones industrial
average: 25,733.94 −88.35
(-0.34%)

S&P
500: 2,863.56 +0.60
(+0.021%)

Nasdaq
Composite: 7,889.10 +29.92
(+0.38%)

1. 
   Washington and Beijing are back at the negotiating table
   for the first time since June. But some doubt
   much progress will be made at the mid-level talks in
   Washington, which come hours before the US enacts tariffs on
   roughly $16 billion worth of Chinese goods.
2. The US and Mexico are reportedly close to resolving key
   NAFTA issues. The Trump administration is
   prepared to announce a breakthrough with Mexico as soon as
   Thursday,
   POLITICO reports, bringing the 2015 pact one step closer to
   modernization. 
3. The Federal Reserve looks
   poised to raise the benchmark interest rate in
   September. Central bankers cited risks
   surrounding trade uncertainty at their most recent gathering,
   
   Fed minutes showed, but maintained a rate hike would be
   appropriate “soon” if the economy remains on track. 
4. Oil
   prices rallied to a two-week high after data showed a
   larger-than-expected drawdown in US crude inventories last
   week. That added to existing supply concerns
   surrounding the Trump administration’s coming sanctions against
   Iran, which aim to take all Iranian barrels off the market by
   November.
5. Earnings season rolls on. Target beat
   on both top and bottom lines, posting its largest sales growth
   in more than a decade. Home improvement giant Lowe’s also
   beat Wall Street’s expectations. 

And a look at the upcoming economic calendar:

• Manufacturing data are out in the eurozone.
• The European Central Bank releases its July meeting
  minutes. 
• Alibaba,
  HP
  and
  Gap report earnings.