The Dow Jones Industrial Average closed at 24,370.10 on Thursday with a gain of 162.94 points or 0.67%. The S&P 500 closed at 2,635.96 for a gain of 19.86 points or 0.76%. The Nasdaq Composite closed at 7,084.46 for a gain of 49.77 points or 0.71%. The VIX Volatility Index was lower at 18.21 for a loss of 0.83 points or -4.36%.
Thursday’s market movers
U.S. market indexes closed higher for a third day on Thursday after opening with losses. The government shutdown entered its 27th day with investors beginning to increase worries over effects on the economy. However, stocks rallied after the U.S. Treasury secretary reportedly suggested repealing some of its international tariffs on Chinese imports. Fourth-quarter earnings reports also helped indexes. Signature Bank (SBNY, Financial) and M&T Bank (MTB, Financial) both beat estimates, reporting stock gains of 7.94% and 5.63% respectively. Morgan Stanley (MS, Financial) slightly disappointed investors with an earnings miss of 17 cents and a revenue miss of $750 million. The stock fell 4.29%. Netflix (NFLX, Financial) was also lower, reporting just after the closing bell with an earnings beat of 6 cents but a revenue miss of $20 million. In the S&P 500, all sectors gained, led by materials and industrials.
Economic reports affecting market trading included the following:
- Freddie Mac’s weekly mortgage market survey showed mortgage rates mostly unchanged. The 30-year fixed-rate mortgage averaged 4.45%, with no change from the previous week. The 15-year fixed-rate mortgage averaged 3.88%, decreasing one basis point from last week.
- Jobless claims decreased to 213,000 from 216,000.
- The Treasury held auctions for four-week bills and 10-year TIPS at rates of 2.37% and 0.919%.
In the Dow Jones Industrial Average, the following stocks led gains:
Small-cap stocks
In small caps, the Russell 2000 closed at 1,467.25 for a gain of 12.55 points or 0.86%. The S&P 600 closed at 915.13 for a gain of 15.36 points or 1.71%. The Dow Jones Small-Cap Growth TSM Index closed at 9,169.92 for a gain of 87.16 points or 0.96%. The Dow Jones Small-Cap Value TSM Index closed at 9,297.62 for a gain of 54.31 points or 0.59%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,792.20 for a gain of 16.30 points or 0.92%; the S&P 100 at 1,167.86 for a gain of 7.92 points or 0.68%; the Russell 3000 at 1,555.35 for a gain of 12.00 points or 0.78%; the Russell 1000 at 1,459.19 for a gain of 11.16 points or 0.77%; the Wilshire 5000 at 27,266.49 for a gain of 206.93 points or 0.76%; and the Dow Jones U.S. Select Dividend Index at 664.51 for a gain of 4.99 points or 0.76%.
