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Julie Young
Julie Young
Articles (1482) 

US Indexes Close Mostly Higher to Start July

Nasdaq gains 0.95%

The Dow Jones Industrial Average closed at 25,734.97 on Wednesday with a loss of 77.91 points or -0.30%. The S&P 500 closed at 3,115.86 for a gain of 15.57 points or 0.50%. The Nasdaq Composite closed at 10,154.63 for a gain of 95.86 points or 0.95%. The VIX Volatility Index was lower at 28.73 for a loss of 1.70 points or -5.59%.

Wednesday’s market movers

U.S. stocks closed higher to start July. Investors were pleased with an upbeat ADP private sector payroll report, though the 2.369 million payrolls added came in slightly below expectations. The Commerce Department will release its June Employment Situation report Thursday, ahead of the holiday weekend.

Pfizer and FedEx also helped the day’s gains. Pfizer reporting some positive results on a Covid-19 drug test. FedEx gained sharply after a better-than-expected earnings report due to higher delivery volume during the pandemic.

The Federal Reserve released the minutes from its last monetary policy meeting. The minutes showed consistency in holding the federal funds rate at its current level for a prolonged period of time. Investors also appear to be happy with the Fed’s asset purchases, which have been creating stability in the credit markets.

Economic reports affecting market trading included the following:

  • The MBA Mortgage Applications decreased 1.8% following a decrease of 8.7%. The MBA’s average 30-year mortgage rate decreased to 3.29% from 3.3%.
  • The ADP private sector June employment report showed an increase of 2.369 million payrolls, below the estimate of 3.0 million.
  • The Markit Manufacturing PMI improved to 49.8 in June from 39.8.
  • The ISM Manufacturing PMI improved to 52.6 in June from 43.1.
  • Construction spending decreased 2.1% in May.
  • The EIA Petroleum Status Report showed crude oil inventory decreasing by 5.5 million barrels.

In the S&P 500, real estate and utilities led gains. In the S&P 100, the following stocks led gains:

Small-cap stocks

In small caps, the Russell 2000 closed at 1,427.31 for a loss of 14.05 points or -0.97%. The S&P 600 closed at 819.82 for a loss of 12.07 points or -1.45%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,943.67 for a loss of 24.29 points or -0.24%. The Dow Jones U.S. Small-Cap Value Index closed at 6,772.63 for a loss of 139.81 points or -2.02%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,770.68 for a loss of 12.53 points or -0.70%; the S&P 100 at 1,437.22 for a gain of 9.99 points or 0.70%; the Nasdaq 100 at 10,279.25 for a gain of 122.40 points or 1.21%; the Russell 3000 at 1,817.39 for a gain of 8.14 points or 0.45%; the Russell 1000 at 1,726.69 for a gain of 9.22 points or 0.54%; the Wilshire 5000 at 31,758.83 for a gain of 143.08 points or 0.45%; and the Dow Jones U.S. Select Dividend Index at 573.09 for a loss of 5.26 points or -0.91%.

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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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