The Nasdaq Composite on Wednesday closed at a record high to kick off July but the Dow industrials lagged behind, after minutes from the Federal Reserve's meeting last month indicated that policy makers would aim to provide more explicit guidance on the outlook for benchmark interest rates amid the coronavirus pandemic. Improving data on employment and the manufacturing sector buttressed markets in the first trading day of the month even though about a dozen American states have paused or halted plans to allow more businesses to reopen. The Nasdaq ended up 1% at around 10,155, finishing handily above its last record close on June 23 as gains in electric-vehicle maker Tesla Inc. , Netflix Inc. and Facebook Inc. helped to propel the technology-laden benchmark. The S&P 500 index finished up 0.5% at 3,116, while the Dow Jones Industrial Average closed down 0.3%, pressured lower by declines in components Boeing Co. and Exxon Mobil . Early in the session, stocks got a boost from another Dow component Pfizer Inc. , which reported positive results from its clinical trial for a COVID-19 vaccine candidate. An upbeat report on manufacturing activity from the Institute for Supply Management and a private-sector report from ADP also helped to stoke the buying mood on Wall Street, ahead of a highly anticipated nonfarm-payrolls report due on Thursday due to the July 4th holiday in the U.S. Read More...
The Nasdaq Composite on Wednesday closed at a record high to kick off July but the Dow industrials lagged behind, after minutes from the Federal Reserve’s meeting last month indicated that policy makers would aim to provide more explicit guidance on the outlook for benchmark interest rates amid the coronavirus pandemic. Improving data on employment and the manufacturing sector buttressed markets in the first trading day of the month even though about a dozen American states have paused or halted plans to allow more businesses to reopen. The Nasdaq ended up 1% at around 10,155, finishing handily above its last record close on June 23 as gains in electric-vehicle maker Tesla Inc. , Netflix Inc. and Facebook Inc. helped to propel the technology-laden benchmark. The S&P 500 index finished up 0.5% at 3,116, while the Dow Jones Industrial Average closed down 0.3%, pressured lower by declines in components Boeing Co. and Exxon Mobil . Early in the session, stocks got a boost from another Dow component Pfizer Inc. , which reported positive results from its clinical trial for a COVID-19 vaccine candidate. An upbeat report on manufacturing activity from the Institute for Supply Management and a private-sector report from ADP also helped to stoke the buying mood on Wall Street, ahead of a highly anticipated nonfarm-payrolls report due on Thursday due to the July 4th holiday in the U.S.
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