The Dow Jones Industrial Average closed at 31,613.02 on Wednesday with a gain of 90.27 points or 0.29%. The S&P 500 closed at 3,931.33 for a loss of 1.26 points or -0.03%. The Nasdaq Composite closed at 13,965.49 for a loss of 82.00 points or -0.58%. The VIX Volatility Index was higher at 21.50 for a gain of 0.040 points or 0.19%.
Wednesday's Market Movers
U.S. stocks closed mostly lower Wednesday, though the Dow Jones trended higher with another record close. Bitcoin pushed to a new high reaching above $51,700. GameStop's (GME, Financial) trading phenomena also topped headlines with Congressional officials requiring testimonies from several involved parties on Thursday.
Investors were watching retail sales and the Federal Open Market Committee's (FOMC) minutes. Retail sales increased 5.3% in January following a decrease of -1%. Year over year retails sales increased 7.43% following an increase of 2.53%. In the FOMC minutes, Fed officials showed increased optimism for an improved economic outlook.
Other economic headlines included:
- The MBA Mortgage Applications Index decreased by -5.1% following an increase of -4.1%. The MBA's average 30-year mortgage rate increased to 2.98% from 2.96%.
- The Producer Price Index (PPI) increased 1.3% in January and 1.7% year over year. The Core PPI excluding food and energy increased 1.2%in January and 2% year over year.
- The Fed's Industrial Production and Capacity Utilization Report was released. Industrial production increased 0.9% in January and decreased -1.8% year over year. Manufacturing production increased 1% in January and decreased -1% year over year. Capacity utilization increased to 75.6% from 74.9%.
- The NAHB Housing Market Index increased to 84 in February from 83.
- The Treasury held auctions for 20-year bonds at a rate of 1.920%.
- Business inventories increased 0.6% in December following an increase of 0.5%.
In other news and across the board:
- The South African COVID variant could cause greater problems than other identified variants, particularly for vaccine producer efficiency.
- Saudi Arabia plans to raise oil output.
- Wells Fargo (WFC, Financial) up 5.17% on Fed acceptance of overhaul plan
- S&P 500 Energy sector up 1.4% despite weather shutdowns in the Texas region.
- Tilray (TLRY, Financial) fourth quarter revenue of $56.56 million increased 20.5% year over year and beat estimates by $1.74 million. Q4 GAAP EPS of -$0.02 beat estimates by $0.12.
Small-Cap Stocks
In small-caps, the Russell 2000 closed at 2,256.11 for a loss of 16.78 points or -0.74%. The S&P 600 closed at 1,286.82 for a loss of 7.06 points or -0.55%. The Dow Jones U.S. Small-Cap Growth Index closed at 15,583.56 for a loss of 136.15 points or -0.87%. The Dow Jones U.S. Small-Cap Value Index closed at 10,155.76 for a loss of 49.04 points or -0.48%.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,525.61 for a loss of 13.62 points or -0.54%; the S&P 100 at 1,803.14 for a gain of 0.98 points or 0.054%; the Nasdaq 100 at 13,699.71 for a loss of 74.05 points or -0.54%; the Russell 3000 at 2,379.56 for a loss of 4.16 points or -0.17%; the Russell 1000 at 2,232.22 for a loss of 2.95 points or -0.13%; the Wilshire 5000 at 41,518.32 for a loss of 65.33 points or -0.16%; and the Dow Jones US Select Dividend Index at 745.12 for a gain of 2.59 points or 0.35%.
Not a Premium Member of GuruFocus? Sign up for a free 7-day trial here.
