The Dow Jones Industrial Average closed at 27,847.66 on Wednesday with a gain of 367.63 points or 1.34%. The S&P 500 closed at 3,443.44 for a gain of 74.28 points or 2.20%. The Nasdaq Composite closed at 11,590.78 for a gain of 430.21 points or 3.85%. The VIX Volatility Index was lower at 29.57 for a loss of 5.98 points or -16.82%.
Wednesday's Market Movers
U.S. indexes ended higher Wednesday. The Nasdaq gained 3.85%, led by biotech.
On the earnings calendar, Lending Club (LC, Financial) reported earnings. Revenue of $74.7 million decreased -63.5% year over year and beat estimates by $16.66 million. Q3 GAAP EPS of -$0.38 beat estimates by $0.31 and non-GAAP EPS of -$0.25 beat estimates by $0.31.
In other news:
- Intel (INTC, Financial) announced an acquisition of Cnvrg.io.
- The ADP Employment report showed an increase of 365,000 in October following an increase of 753,000, which was below the estimate of 590,000.
- California voters exempted "gig companies" from having to classify workers as employees.
- The Federal Open Market Committee began its November meeting concluding Wednesday.
- The MBA Mortgage Applications Index increased 3.8% following an increase of 1.7%. The MBA's average 30-year mortgage rate increased to 3.01% from 3.00%.
- The balance of trade for the U.S. was released for September showing a deficit of -$63.9 billion. Exports were $176.4 billion and imports were $240.2 billion.
- The Markit Composite PMI increased to 56.3 in October from 54.3.
- The ISM Non-Manufacturing PMI decreased to 56.6 in October from 57.8. Separately, the ISM Non-Manufacturing Prices Index increased to 63.9 from 59, the ISM Non-Manufacturing New Orders Index decreased to 58.8 from 61.5, the ISM Non-Manufacturing Employment Index decreased to 50.1 from 51.8, the ISM Non-Manufacturing Business Activity Index decreased to 61.2 from 63.
- Crude oil inventory was down 8.2 million barrels, according to the EIA's Weekly Petroleum Status Report.
- The Treasury held auctions for 154-day bills at a rate of 0.105% and 105-day bills at a rate of 0.100%.
- Total vehicle sales decreased to a seasonally adjusted annual rate of 16.2 million in October from 16.3 million.
Across the board, the following stocks posted gains:
- Biogen (BIIB, Financial) 43.97%
- Uber (UBER, Financial) 14.59%
- Lyft (LYFT, Financial) 11.28%
- Facebook (FB, Financial) 8.32%
- PayPal (PYPL, Financial) 8.05%
Small-Cap Stocks
In small-caps, the Russell 2000 closed at 1,615.08 for a gain of 0.79 points or 0.049%. The S&P 600 closed at 909.54 for a loss of 9.36 points or -1.02%. The Dow Jones U.S. Small-Cap Growth Index closed at 11,463.41 for a gain of 201.97 points or 1.79%. The Dow Jones U.S. Small-Cap Value Index closed at 7,224.93 for a loss of 197.95 points or -2.67%.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,981.79 for a gain of 1.28 points or 0.065%; the S&P 100 at 1,590.12 for a gain of 45.40 points or 2.94%; the Nasdaq 100 at 11,777.02 for a gain of 497.11 points or 4.41%; the Russell 3000 at 2,026.55 for a gain of 41.77 points or 2.10%; the Russell 1000 at 1,923.69 for a gain of 42.05 points or 2.23%; the Wilshire 5000 at 35,409.49 for a gain of 733.81 points or 2.12%; and the Dow Jones US Select Dividend Index at 604.76 for a loss of 14.82 points or -2.39%.
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