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Julie Young
Julie Young
Articles (1399) 

US Indexes Close Higher Thursday

S&P 500 up 2.28%

The Dow Jones Industrial Average closed at 21,413.44 on Thursday with a gain of 469.93 points or 2.24%. The S&P 500 closed at 2,526.90 for a gain of 56.40 points or 2.28%. The Nasdaq Composite closed at 7,487.31 a gain of 126.73 points or 1.72%. The VIX Volatility Index was lower at 50.91 for a loss of 6.15 points or -10.78%.

Thursday’s Market Movers

Coronavirus cases in the U.S. increased to almost 235,000 and Thursday’s jobless claims report showed 6.648 million new claims in the most recent week’s report. Coronavirus announcements included a postponement of the Democratic National Convention until the week of Aug. 17, a reduction in banking capital requirements from the Federal Reserve and a $300 million coronavirus support fund from Goldman Sachs (NYSE:GS).

Stocks gained Thursday despite coronavirus detractors, mainly helped by energy. Oil posted its largest gain ever. The day’s energy gains followed news of President Trump’s alliances with Russia and oil executives as well as a report that Saudi officials would call an emergency OPEC meeting for supply cut considerations.

Economic reports affecting market trading included the following:

  • The balance of trade report for February showed a deficit of $39.9 billion. Exports were $207.5 billion and imports were $247.5 billion.
  • Jobless claims increased to 6.648 million from 3.283 million in the previous week. Continuing jobless claims increased to 3.029 million from 1.784 million.
  • The ISM New York Index fell to 12.9 in March from 51.9.
  • Factory orders were unchanged in February. Factory orders excluding transportation decreased 0.9%.
  • The Treasury held auctions for four-week bills at a rate of 0.09% and eight-week bills at a rate of 0.095%. The 10-year Treasury closed at a yield of approximately 0.595%.
  • Freddie Mac released its weekly mortgage market survey. The 30-year fixed-rate mortgage averaged 3.33%, down from 3.50%. The 15-year fixed-rate mortgage averaged 2.82%, down 2.92%.
  • Total vehicle sales decreased to a seasonally adjusted annual rate of 11.4 million in March, down from 16.7 million in February and missing the estimate of 14.3 million.

In the S&P 500, energy and utilities led gains. In the Dow Jones Industrial Average, the following stocks led gains:

Small-cap stocks

In small caps, the Russell 2000 closed at 1,085.81 for a gain of 13.81 points or 1.29%. The S&P 600 closed at 645.29 for a gain of 9.63 points or 1.51%. The Dow Jones U.S. Small-Cap Growth Index closed at 7,277.73 for a gain of 91.45 points or 1.27%. The Dow Jones U.S. Small-Cap Value Index closed at 5,515.44 for a gain of 38.74 points or 0.71%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,375.35 for a gain of 14.14 points or 1.04%; the S&P 100 at 1,168.51 for a gain of 29.20 points or 2.56%; the Nasdaq 100 at 7,635.66 for a gain of 149.37 points or 2.00%; the Russell 3000 at 1,449.52 for a gain of 29.25 points or 2.06%; the Russell 1000 at 1,381.14 for a gain of 28.48 points or 2.11%; the Wilshire 5000 at 25,356.58 for a gain of 512.94 points or 2.06%; and the Dow Jones U.S. Select Dividend Index at 509.52 for a gain of 10.01 points or 2.00%.

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About the author:

Julie Young
Julie Young is a financial writer with comprehensive experience in the financial services industry. She writes about investments, investment products, financial market news and economic trends. Julie has a Master of Science in finance from Boston College and a Bachelor of Science in finance from the University of Arkansas.

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