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Latest Business News: Wall Street Edges Higher Despite McDonald's Disappointment

Wochit 1:00 mins

The S&P 500 edged higher and was on track for a third record closing high, led by shares of banks and materials companies, while McDonald's fell on disappointing earnings. The weaker-than-expected results from McDonald's Corp, the world's largest restaurant chain, kept the Dow from making gains after the company said full-year results would be "challenged" in the face of falling sales in Europe, its biggest market. Its shares lost 2.7 percent to $97.60. Lower-priced legacy iPhones are gradually gaining share across Apple's smartphone portfolio. Mortgage rates used to be the least of home buyers worries. But a recent interest-rate spike is turning the factor of rising home-loan rates into a widespread concern.

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