U.S. market indexes were lower on Wednesday.
For the day, the Dow Jones Industrial Average closed at 20,648.15 for a loss of 41.09 points or 0.20%. The Standard & Poor's 500 closed at 2,352.95 for a loss of 7.21 points or 0.31%. The Nasdaq Composite closed at 5,864.48 for a loss of 34.13 points or 0.58%. The VIX Volatility Index was higher at 12.89 for a gain of 1.10 points or 9.33%.
Wednesday’s market movers
Investor concerns continued over overvalued stocks. The Fed’s plans to decrease its $4.5 trillion balance sheet outlined in its meeting minutes released Wednesday afternoon also affected stock valuations. Economic reports on Wednesday included the following:
- The Mortgage Bankers Association’s mortgage applications index decreased by -1.6% for the week.
- The ADP private sector employment report beat estimates with an increase of 263,000 jobs for March.
- The PMI Services Index decreased to 52.8.
- The ISM Non-Manufacturing Index decreased to 55.2.
In the Dow Jones Industrial Average, the following stocks led losses:
- JPMorgan (JPM, Financial) -1.28%.
- Cisco (CSCO, Financial) -1.23%.
- IBM (IBM, Financial) -0.94%.
- Boeing (BA, Financial) -0.91%.
- Goldman Sachs (GS, Financial) -0.70%.
Small-cap stocks
In small-caps, the Russell 2000 Index closed at 1,352.14 for a loss of 16.03 points or 1.17%. The S&P 600 Small-Cap Index closed at 819.49 for a loss of 9.30 points or 1.12%. The Dow Jones Small-Cap Growth TSM Index closed at 8,120.31 for a loss of 80.83 points or 0.99%. The Dow Jones Small-Cap Value TSM Index closed at 9,462.11 for a loss of 95.05 points or 0.99%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,694.79 for a loss of 13.14 points or 0.77%; the S&P 100 Index at 1,043.71 for a loss of 3.50 points or 0.33%; the Russell 3000 Index at 1,392.46 for a loss of 5.75 points or 0.41%; the Russell 1000 Index at 1,303.57 for a loss of 4.57 points or 0.35%; and the Dow Jones U.S. Select Dividend Index at 649.80 for a loss of 1.30 points or 0.20%.
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