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Julie Young
Julie Young
Articles (1503) 

US Indexes Close Higher Tuesday Led by Tech

Nasdaq gains 1.21%

The Dow Jones Industrial Average closed at 27,995.60 on Tuesday with a gain of 2.27 points or 0.01%. The S&P 500 closed at 3,401.20 for a gain of 17.66 points or 0.52%. The Nasdaq Composite closed at 11,190.32 for a gain of 133.67 points or 1.21%. The VIX Volatility Index was lower at 25.59 for a loss of 0.26 points or -1.01%.

Tuesday's market movers

The major U.S. indexes all closed higher again Tuesday, led by technology. Both semiconductors and biotech led the tech gains.

Stock highlights included:

  • Square (NYSE:SQ) reported a gain of 8% after news of payroll technology advancements.
  • Amazon (NASDAQ:AMZN) gained 1.7% after launching luxury stores.
  • Apple (NASDAQ:AAPL) released two new watches, but there was no 5G iPhone release at its Apple event.
  • Adobe (NASDAQ:ADBE) reported third-quarter revenue of $3.23 billion, up 14.1% year over year and beating estimates by $70 million. GAAP earnings of $1.97 per share beat estimates by 5 cents and non-GAAP earnings of $2.57 per share beat estimates by 16 cents.
  • FedEx (NYSE:FDX) reported first-quarter revenue of $19.3 billion, increasing 13.5% year over year and beating estimates by $1.74 billion. GAAP earnings of $4.72 per share beat estimates by $2.15 and non-GAAP earnings of $4.87 per share beat estimates by $2.15.
  • The S&P 500 energy sector was down as oil businesses around the Gulf of Mexico closed for Hurricane Sally.

In other news:

  • The Federal Open Market Committee began its two-day September policy meeting with public comments Wednesday afternoon.
  • President Trump stopped the 10% tariff on aluminum from Canada.

Economic reports affecting market trading included the following:

  • Export and import price data was released. Export prices increased 0.5% in August and decreased 2.8% year over year. Import prices increased 0.9% in August and decreased 1.4% year over year.
  • The New York Empire State Manufacturing Index improved to 17 in September from 3.7.
  • The Fed's Industrial Production and Capacity Utilization report was released. Industrial production increased 0.4% in August and decreased 7.7% year over year. Manufacturing production increased 1% in August and decreased 6.9% year over year. Capacity utilization improved to 71.4% from 71.1%.
  • The Treasury held auctions for 42-day bills at a rate of 0.095%, 119-day bills at a rate of 0.110% and 20-year bonds at a rate of 1.213%.

Small-cap stocks

In small caps, the Russell 2000 closed at 1,538.15 for a gain of 1.18 points or 0.077%. The S&P 600 closed at 876.74 for a loss of 0.36 points or -0.041%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,771.06 for a gain of 41.38 points or 0.39%. The Dow Jones U.S. Small-Cap Value Index closed at 7,092.86 for a loss of -27.65 points or -0.39%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,892.48 for a gain of 1.23 points or 0.065%; the S&P 100 at 1,576.91 for a gain of 9.85 points or 0.63%; the Nasdaq 100 at 11,438.87 for a gain of 161.11 points or 1.43%; the Russell 3000 at 1,988.41 for a gain of 11.19 points or 0.57%; the Russell 1000 at 1,890.88 for a gain of 11.18 points or 0.60%; the Wilshire 5000 at 34,740.74 for a gain of 187.46 points or 0.54%; and the Dow Jones U.S. Select Dividend Index at 601.80 for a loss of 3.80 points or -0.63%.

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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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