Stock exchanges in New York opened slightly higher on Wednesday after the broadly-curated S&P 500 rose to a new record high on Tuesday.
Investors on Wall Street are looking at results from retailer Target and DIY chain Lowe’s and takeover news in the biotech sector. In addition, the Federal Reserve will release the minutes of the most recent policy meeting later in the day.
Shortly after the start, the Dow Jones index recorded 0.3 percent higher at 27,851 points. The S&P 500 rose 0.2 percent to 3396 points, and technology exchange Nasdaq gained 0.1 percent to 11,222 points.
Medical concern Johnson & Johnson (J&J) announced its intention to acquire biotechnologist Momenta Pharmaceuticals for $ 6.5 billion in cash. Momenta is active with medication against rare autoimmune diseases.
The acquisition price is 70 percent higher than Momenta’s closing price on Wall Street on Tuesday and Momenta, therefore, made a price jump of about 70 percent. J&J posted 0.3 percent higher.
The minutes of the Fed will be published at 8 p.m. The notes are being scrutinized for clues as to the future policy of the US umbrella of central banks.
The Fed kept interest rates unchanged at the end of July and then again pledged to use all possible means to support the US economy in getting through the corona crisis.