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Julie Young
Julie Young
Articles (1564) 

US Indexes End Mostly Lower Wednesday

Dow Jones down 0.58%

November 25, 2020 | About:

The Dow Jones Industrial Average closed at 29,872.47 on Wednesday with a loss of 173.77 points or -0.58%. The S&P 500 closed at 3,629.65 for a loss of 5.76 points or -0.16%. The Nasdaq Composite closed at 12,094.40 for a gain of 57.62 points or 0.48%. The VIX Volatility Index was lower at 21.28 for a loss of 0.36 points or -1.66%.

Wednesday's market movers

U.S. indexes ended mostly lower Wednesday, though the Nasdaq reported a gain. The Dow Jones was down 0.58%, a day after passing the 30,000 mark for the first time. Stock markets will be closed for trading Thursday and will have an early close of 1 p.m. Eastern on Friday.

A focus continued on Covid-19 vaccine news. U.S. cases also continued to be a concern with a seven-day average infection rate at 175,521. U.S. officials have reported they plan to distribute an initial 6.4 million Covid-19 vaccine doses across the country once cleared for use.

The economic calendar was full before the Thanksgiving holiday:

  • The MBA Mortgage Applications Index increased 3.9% following a decrease of 0.3%. The MBA's 30-year average mortgage rate decreased to 2.92% from 2.99%.
  • Durable goods orders increased 1.3% in October following an increase of 2.1%. Durable goods orders excluding transportation increased 1.3% and durable goods orders excluding defense increased 0.2%.
  • The Bureau of Economic Analysis reported a third-quarter GDP growth rate of 33.1% in its second estimate.
  • Corporate profits showed a preliminary 27.5% increase from the second quarter to the third.
  • The October goods trade balance showed a deficit of $80.29 billion following a deficit of $79.36 billion.
  • 778,000 Americans filed for jobless claims, up from the previous week's 748,000. Continuing jobless claims were 6.071 million, down from 6.370 million.
  • Wholesale inventories increased 0.9% in October.
  • Retail inventories increased 0.8% in October.
  • Personal income decreased 0.7% in October following an increase of 0.7%. Personal spending increased 0.5% in October following an increase of 1.2%.
  • New home sales decreased 0.3% in October to a seasonally adjusted annual rate of 0.999 million.
  • The PCE Price Index was unchanged in October and reported an increase of 1.2% year over year. The Core PCE Price Index excluding food and energy was also unchanged in October and reported an increase of 1.4% year over year.
  • The Michigan Consumer Sentiment Index decreased to 76.9 in November from 81.8.
  • Crude oil inventory decreased 0.9 million barrels, according to the EIA's Weekly Petroleum Status Report
  • The Treasury held auctions for four-week bills at a rate of 0.080%, eight-week bills at a rate of 0.080%, 154-day bills at a rate of 0.090% and 105-day bills at a rate of 0.085%.
  • Freddie Mac released its weekly mortgage market survey. The 30-year fixed-rate mortgage averaged 2.72%, unchanged from the previous week. The 15-year fixed-rate mortgage averaged 2.28%, also unchanged
  • The Baker Hughes weekly oil rig count showed an increase of 10 rigs in the U.S., an increase of one rig in Canada and a decrease of 46 rigs internationally.
  • The Federal Open Market Committee released the minutes from its most recent meeting. Officials reportedly discussed asset purchases as a primary focus and tool before interest rate changes.

Across the board:

  • TikTok got an extension on its forced sale.
  • The S&P 500 energy sector fell 2.3% after two days of strong gains.
  • Slack Technologies (NYSE:WORK) gained 37.59% on news of a possible acquisition by Salesforce.
  • Salesforce (NYSE:CRM) -5.37%

Small-cap stocks

In small caps, the Russell 2000 closed at 1,845.02 for a loss of 8.51 points or -0.46%. The S&P 600 closed at 1,060.05 for a loss of 9.36 points or -0.88%. The Dow Jones U.S. Small-Cap Growth Index closed at 12,647.14 for a loss of 18.55 points or -0.15%. The Dow Jones U.S. Small-Cap Value Index closed at 8,703.30 for a loss of 93.53 points or -1.06%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 2,201.56 for a loss of 16.28 points or -0.73%; the S&P 100 at 1,662.28 for a loss of 0.21 points or -0.013%; the Nasdaq 100 at 12,152.22 for a gain of 72.41 points or 0.60%; the Russell 3000 at 2,158.97 for a loss of 1.61 points or -0.074%; the Russell 1000 at 2,040.23 for a loss of 1.00 points or -0.049%; the Wilshire 5000 at 37,703.87 for a loss of 22.54 points or -0.060%; and the Dow Jones U.S. Select Dividend Index at 686.92 for a loss of 6.89 points or -0.99%.

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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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