Major benchmarks moved higher on Wednesday as market participants tried to parse through key events in Washington. Investors are grappling with the implications of recent moves to initiate impeachment-related proceedings on Capitol Hill, and economic data aren't providing a clear signal of the health of the business community globally. As of 11:15 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was up 138 points to 26,946. The S&P 500 (SNPINDEX: ^GSPC) picked up 8 points to 2,974, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) was higher by 28 points to 8,022.
One big move came from the mergers and acquisitions front, where Philip Morris International (NYSE: PM) and Altria Group (NYSE: MO) announced that they would no longer pursue merger discussions. Meanwhile, athletic apparel giant Nike (NYSE: NKE) reported its latest financial results, and the signs point toward continued strength from the shoemaker as it aims to capture more of its global audience.
Shares of Philip Morris International and Altria were mixed Wednesday morning following their announcement that they had ceased merger discussions. Philip Morris shares were up almost 7%, while Altria eased lower by a fraction of a percent.