The Dow Jones Industrial Average closed at 28,239.28 on Wednesday with a loss of 27.88 points or -0.10%. The S&P 500 closed at 3,191.14 for a loss of 1.38 points or -0.04%. The Nasdaq Composite closed at 8,827.73 for a gain of 4.38 points or 0.05%. The VIX Volatility Index was higher at 12.58 for a gain of 0.29 points or 2.36%.
Wednesday’s market movers
The Dow Jones and S&P 500 retreated from highs Wednesday, while the Nasdaq continued its run with another closing record. Investors were watching impeachment proceedings in the House of Representatives, where legislators will vote Wednesday evening on two articles of impeachment. Tech investors carried valuation momentum into another day with the sector being one of the most positively affected from Friday’s China trade deal announcement.
In Treasuries, the 10-year, two-year spread improved, with yields increasing on the longer end of the curve. The 10-year Treasury note’s yield ended the day at approximately 1.921% versus 1.631% for the two-year.
In other news:
- Fed/FDIC living will analysis found some problems with six of eight large banks.
- FedEx (FDX, Financial) was down 10% Wednesday after an earnings miss and a loss of business with Amazon (AMZN, Financial).
- The MBA Mortgage Applications Index decreased 5% following an increase of 3.8% and the MBA’s average 30-year mortgage rate was unchanged at 3.98%.
- The EIA’s Weekly Petroleum Status Report showed crude oil inventories down 1.1 million barrels to 1,081.8 million barrels.
In the S&P 500, real estate led gains and financials led losses. In the Dow Jones Industrial Average, the following stocks led losses and gains:
- Walmart (WMT, Financial) -1.17%
- Procter & Gamble (PG, Financial) -1.04%
- Nike (NKE, Financial) +1.17%
- Boeing (BA, Financial) +1.13%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,661.73 for a gain of 4.17 points or 0.25%. The S&P 600 closed at 1,019.53 for a gain of 3.81 points or 0.38%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,597.31 for a gain of 24.80 points or 0.23%. The Dow Jones U.S. Small-Cap Value Index closed at 9,966.72 for a gain of 35.12 points or 0.35%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,046.15 for a gain of 1.06 points or 0.052%; the S&P 100 at 1,423.08 for a loss of 2.06 points or -0.14%; the Nasdaq 100 at 8,580.62 for a gain of 4.92 points or 0.057%; the Russell 3000 at 1,870.29 for a loss of 0.19 points or -0.010%; the Russell 1000 at 1,762.56 for a loss of 0.50 points or -0.028%; the Wilshire 5000 at 32,615.84 for a loss of 3.20 points or -0.0098%; and the Dow Jones U.S. Select Dividend Index at 752.28 for a gain of 1.71 points or 0.23%.
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