Wed, 21 Dec 16 23:55:13 GMT

Wall Street loses ground after Trump rally

The Dow briefly rose to within 15 points of 20,000, a level it has never reached, but relinquished that gain and spent most of the session at a loss. U.S. stocks have rallied since the Nov. 8 election, with the Dow up 9 percent and the S&P 500 gaining 6 percent on bets that President-elect Donald Trump's plans for deregulation and infrastructure spending will boost the economy. Some investors worry that the so-called Trump rally has made stocks expensive and are concerned that legislators may resist strong tax cuts and other policies that could widen the federal deficit.

Wed, 21 Dec 16 23:55:12 GMT

U.S. home sales near 10-year high as mortgage rates rise

U.S. home resales unexpectedly rose in November, reaching their highest level in nearly 10 years, likely as buyers rushed into the market to lock in mortgage rates in anticipation of further increases in borrowing costs. The third straight monthly increase in existing home sales, reported by the National Association of Realtors on Wednesday, suggested housing would contribute to economic growth in the fourth quarter after being a drag in the previous two quarters. Existing home sales increased 0.7 percent to an annual rate of 5.61 million units last month, the highest sales pace since February 2007.

Wed, 21 Dec 16 23:55:11 GMT

Viacom unit head overseeing MTV, Comedy Central to leave

SAN FRANCISCO/NEW YORK (Reuters) - Longtime Viacom Inc (VIAB.O) executive Doug Herzog, who oversees the networks Comedy Central and MTV, is leaving the company next month, according to a memo to employees sent Wednesday from chief executive Bob Bakish. Herzog, a 25-year veteran at Viacom known for helping develop such MTV hits as "The Real World" and Comedy Central's "The Daily Show," is leaving as part of a restructuring following the appointment of Bob Bakish as chief executive officer earlier this month, sources told Reuters.