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Julie Young
Julie Young
Articles (1483) 

US Indexes Close Higher Wednesday

Market posts 4th day of gains

The Dow Jones Industrial Average closed at 27,201.52 on Wednesday with a gain of 373.05 points or 1.39%. The S&P 500 closed at 3,327.77 for a gain of 21.26 points or 0.64%. The Nasdaq Composite closed at 10,998.40 for a gain of 57.23 points or 0.52%. The VIX Volatility Index was lower at 22.99 for a loss of 0.77 points or -3.24%.

Wednesday’s market movers

U.S. indexes posted gains for a fourth day. The Nasdaq gained 1.39% while the S&P 500 was up 0.64%. Lawmakers on Capital Hill said they are trying to reach a stimulus deal by the end of the week. The ADP private sector employment report showed an increase of 167,000 payrolls ahead of Friday’s Commerce Department report.

Stock highlights for the day included:

  • Square (NYSE:SQ): Revenue of $1.92 billion increased 64.1% year over year and beat estimates by $790 million. A second-quarter GAAP loss of 3 cents per share beat estimates by 21 cents and non-GAAP earnings of 18 cents beat estimates by 22 cents. Shares gained 7.1%.
  • Fastly (NYSE:FSLY): Revenue of $74.66 million increased 62.3% year over year and beat estimates by $3.21 million. A second-quarter GAAP loss of 14 cents missed estimates by 7 cents and non-GAAP earnings of 2 cents per share beat estimates by 3 cents.
  • Roku (NASDAQ:ROKU): Revenue of $356.1 million increased 42.4% year over year and beat estimates by $41.58 million. A second-quarter GAAP loss of 35 cents beat estimates by 20 cents. Active accounts increased 41% year over year.
  • Moderna (NASDAQ:MRNA): Revenue of $66.35 million increased 407.3% year over year and beat estimates by $42.11 million. A second-quarter GAAP loss of 31 cents beat estimates by 3 cents.

Economic reports affecting market trading included the following:

  • The MBA Mortgage Applications Index decreased 5.1% following a decrease of 0.8%. The MBA’s average 30-year mortgage rate decreased to 3.14% from 3.2%.
  • The ADP private sector employment report showed an increase of 167,000 payrolls, off from the estimate of 1.550 million.
  • The balance of trade report for June showed a deficit of $50.7 billion, down from -$54.8 billion. Exports were $158.25 billion and imports were $208.95 billion.
  • The Markit Composite PMI increased to 50.3 in July from 47.9.
  • The Markit Services PMI increased to 50 in July from 47.9.
  • The ISM Non-Manufacturing PMI increased to 58.1 in July from 57.1. The ISM Non-Manufacturing Business Activity Index increased to 67.2 from 66.0. The ISM Non-Manufacturing Prices Index decreased to 57.6 from 62.4. The ISM Non-Manufacturing New Orders Index increased to 67.7 from 61.6. The ISM Non-Manufacturing Employment Index decreased to 42.1 from 43.1.
  • The EIA’s weekly petroleum status report showed crude oil inventory down 7.4 million barrels.

Across sectors, industrials and materials led gains. In the S&P 100, the following stocks led gains for the day:

Small-cap stocks

In small caps, the Russell 2000 closed at 1,546.24 for a gain of 29.02 points or 1.91%. The S&P 600 closed at 900.61 for a gain of 19.47 points or 2.21%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,924.21 for a gain of 163.18 points or 1.52%. The Dow Jones U.S. Small-Cap Value Index closed at 7,188.45 for a gain of 133.99 points or 1.90%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,920.53 for a gain of 26.33 points or 1.39%; the S&P 100 at 1,535.42 for a gain of 11.06 points or 0.73%; the Nasdaq 100 at 11,125.44 for a gain of 28.90 points or 0.26%; the Russell 3000 at 1,948.25 for a gain of 14.53 points or 0.75%; the Russell 1000 at 1,849.84 for a gain of 12.53 points or 0.68%; the Wilshire 5000 at 34,035.59 for a gain of 249.31 points or 0.74%; and the Dow Jones U.S. Select Dividend Index at 598.43 for a gain of 3.00 points or 0.50%.

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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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