Stocks slip from highs

Associated Press

NEW YORK

U.S. stocks slipped Wednesday after their recent record-setting run. Energy companies stumbled, but basic materials makers rose as investors hoped two large deals will win approval from regulators.

While energy stocks fell with the price of oil, most other sectors didn’t make big moves. Technology companies eked out a small gain. They have risen every day this month to reach their highest mark since 2000. DuPont and Dow Chemical rose after Reuters reported that European officials could approve their merger soon. The Dow Jones industrial average made its ninth straight gain.

After an extended streak of gains, investors didn’t make many big moves. They spent most of the day waiting for the minutes from the Federal Reserve meeting three weeks ago, but those minutes contained few surprises.

Kate Warne, an investment strategist for Edward Jones, said the Fed’s decision-makers are also waiting to learn more about the Trump administration’s policy proposals and Congress’ reaction to them. That might take a few months. Meanwhile investors, too, will wait.

DuPont climbed $2.63, or 3.4 percent, to $79.80 and Dow Chemical gained $2.45, or 4 percent, to $63.67. Reuters reported that regulators in the European Union are close to approving their $62 billion combination. Antitrust officials in the U.S. and elsewhere would still have to approve that deal.

Investors appeared to grow more optimistic about a second deal in the chemicals industry: Monsanto, which has accepted a $57 billion offer from Bayer but is also waiting for regulatory approval, rose 81 cents to $111.38.

The minutes from the Federal Reserve meeting showed that officials discussed the importance of raising their primary interest rate soon, especially if the economy stays strong. Some Fed officials were worried that if interest rates stay too low, the expanding economy could cause inflation to rise too fast.