The Dow Jones Industrial Average closed at 26,346.01 on Wednesday with a gain of 181.97 points or 0.70%. The S&P 500 closed at 2,919.40 for a gain of 26.34 points or 0.91%. The Nasdaq Composite closed at 7,903.74 for a gain of 79.96 points or 1.02%. The VIX Volatility Index was lower at 18.77 for a loss of 1.51 points or -7.45%.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Wednesday’s market movers” data-reactid=”12″>Wednesday’s market movers
U.S. indexes rebounded Wednesday after closing lower to start the week. Investors continued to have concerns over the Trump impeachment investigation and U.S.-China trade negotiations. A CNBC poll showed Americans believe the investigation is worthy of probing. On Tuesday, the White House declined to participate in the investigation, halting a House testimony by the U.S. ambassador to the European Union and sending a letter to the House of Representatives. Trade negotiations with China also appear to be somewhat unstable with China’s key negotiator, Vice President Liu He, no longer attending. However, Wednesday’s news showed China willing to make more agricultural purchases and potentially suggesting a limited deal.
The September minutes from the Federal Reserve’s most recent meeting helped increase the chances for another rate cut. The Fed’s minutes showed officials were increasingly more concerned about economic signals, specifically in the areas of hiring and consumer spending as new trade war effects occur.
Economic reports affecting market trading included the following:
- The MBA Mortgage Applications Index increased 5.4% following an increase of 8.1%. The MBA’s average 30-year mortgage rate decreased to 3.90% from 3.99%.
- The Job Openings and Labor Turnover Survey showed job openings of 7.051 million in August following a report of 7.174 million.
- Wholesale inventories increased 0.2% in August following an increase of 0.2%.
- The EIA’s Weekly Petroleum Status report showed crude oil inventory increasing by 2.927 million barrels following an increase of 3.1 million barrels.
- The Treasury held an auction for 10-year notes at a rate of 1.590%
- The Fed released its September minutes.
In the S&P 500, the technology, materials and financial sectors led gains. In the Dow Jones Industrial Average, the following stocks led gains:
- Microsoft (NASDAQ:MSFT) 1.89%
- Intel (NASDAQ:INTC) 1.52%
- Visa (NYSE:V) 1.43%
- Chevron (NYSE:CVX) 1.28%
- Caterpillar (NYSE:CAT) 1.25%
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Small-cap stocks” data-reactid=”38″>Small-cap stocks
In small caps, the Russell 2000 closed at 1,479.58 for a gain of 6.99 points or 0.47%. The S&P 600 closed at 916.17 for a gain of 3.53 points or 0.39%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,430.69 for a gain of 57.36 points or 0.61%. The Dow Jones U.S. Small-Cap Value Index closed at 9,073.89 for a gain of 31.51 points or 0.35%.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Other notable indexes” data-reactid=”40″>Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,873.79 for a gain of 12.93 points or 0.69%; the S&P 100 at 1,294.12 for a gain of 11.30 points or 0.88%; the Nasdaq 100 at 7,690.53 for a gain of 86.26 points or 1.13%; the Russell 3000 at 1,708.22 for a gain of 14.94 points or 0.88%; the Russell 1000 at 1,612.69 for a gain of 14.56 points or 0.91%; the Wilshire 5000 at 29,810.59 for a gain of 256.75 points or 0.87%; and the Dow Jones U.S. Select Dividend Index at 707.55 for a gain of 4.72 points or 0.67%.
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