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Julie Young
Julie Young
Articles (1501) 

US Indexes Rebound Wednesday

Nasdaq gains 2.71%

The Dow Jones Industrial Average closed at 27,940.47 on Wednesday with a gain of 439.58 points or 1.60%. The S&P 500 closed at 3,398.96 for a gain of 67.12 points or 2.01%. The Nasdaq Composite closed at 11,141.56 for a gain of 293.87 points or 2.71%. The VIX Volatility Index was lower at 28.81 for a loss of 2.65 points or -8.42%.

Wednesday's Market Movers

U.S. indexes rebounded Wednesday after a three-day selloff that left the Nasdaq down around -10%. Technology led gains for the day. The PHLX Semiconductor Index gained 2.72%.

Across the board, the following stocks led gains:

Biotechs also made headlines. Pfizer (PFE) and BioNTech (BNTX) announced they would supply 200 million Covid-19 vaccine doses to the European Union. Astrazeneca (AZN) announced a pause in their Covid-19 vaccine study due to an unexplained patient illness. In the Nasdaq Biotech Index, Intra-Cellular Therapies (ITCI) reported a gain of 72.87%.

In other news:

  • New York City plans to resume indoor dining at 25% capacity.
  • Mastercard (NYSE:MA) gained 2.95% after announcing a platform for central bank digital currencies.
  • BigCommerce (NASDAQ:BIGC) announced earnings results. Revenue of $36.3 million increased 33.5% year over year and beat estimates by $0.69 million. Q2 GAAP loss per share of $0.54 beat estimates by $0.04 and non-GAAP loss per share of $0.38 beat estimates by $0.05.
  • The MBA Mortgage Applications Index increased 2.9% following a decrease of -2%. The MBA's average 30-year mortgage rate decreased to 3.07% from 3.08%.
  • The Job Openings and Labor Turnover Survey showed job openings of 6.618 million in July, up from the previous 6.001 million.
  • The Treasury held an auction for 10-year notes at a rate of 0.704%.

Small-Cap Stocks

In small-caps, the Russell 2000 closed at 1,526.48 for a gain of 21.89 points or 1.45%. The S&P 600 closed at 879.29 for a gain of 8.79 points or 1.01%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,605.71 for a gain of 188.66 points or 1.81%. The Dow Jones U.S. Small-Cap Value Index closed at 7,117.06 for a gain of 29.35 points or 0.41%.

Other Notable Indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,880.52 for a gain of 25.35 points or 1.37%; the S&P 100 at 1,580.87 for a gain of 33.97 points or 2.20%; the Nasdaq 100 at 11,395.85 for a gain of 327.59 points or 2.96%; the Russell 3000 at 1,980.15 for a gain of 39.17 points or 2.02%; the Russell 1000 at 1,883.40 for a gain of 37.86 points or 2.05%; the Wilshire 5000 at 34,608.59 for a gain of 684.25 points or 2.02%; and the Dow Jones US Select Dividend Index at 600.02 for a gain of 4.63 points or 0.78%.

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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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