The Dow Jones Industrial Average closed at 34,196.82 on Thursday with a gain of 322.58 points or 0.95%. The S&P 500 closed at 4,266.49 for a gain of 24.65 points or 0.58%. The Nasdaq Composite closed at 14,369.71 for a gain of 97.98 points or 0.69%. The VIX Volatility Index was lower at 15.97 for a loss of 0.35 points or -2.14%.
Thursday’s market movers
The S&P 500 and Nasdaq each reported record intraday highs Thursday. Stocks were supported by an announcement from President Joe Biden for an infrastructure agreement achieved with bipartisan legislators. The agreement includes $1 trillion in spending. The iShares Semiconductor ETF (SOXX, Financial) gained 1.70% on the day’s news.
Banks were also on watch Thursday as the Federal Reserve released details from its stress testing. The S&P 500 Financials Sector ETF (XLF, Financial) gained 1.25%.
On the economic calendar, the final reading of first-quarter gross domestic product was released. GDP increased 6.4% quarter over quarter in the first quarter on a seasonally adjusted annual rate basis. Corporate profits were also released with the GDP report showing an increase of 1.7% in the first quarter following a decrease of 3.3%.
In other news:
- Durable goods orders increased 2.3% in May following a decrease of 0.8%. Durable goods orders excluding transportation increased 0.3% and durable goods order excluding defense increased 1.7%.
- The Goods Trade Balance showed a deficit of $88.11 billion in May following a deficit of $85.73 billion.
- 411,000 Americans filed for jobless claims, down from 418,000 in the previous week. Continuing jobless claims were 3.390 million, down from 3.534 million.
- Wholesale inventories increased 1.1% in May following an increase of 1%.
- The Kansas Fed Manufacturing Index decreased to 30 in June from 32.
- The Treasury held auctions for four-week bills at a rate of 0.045%, eight-week bills at a rate of 0.050% and seven-year notes at a rate of 1.264%.
- Freddie Mac released its weekly mortgage market survey. The 30-year fixed-rate mortgage averaged 3.02%,up from 2.93%. The 15-year fixed-rate mortgage averaged 2.34%, up from 2.24%.
Across the board:
- Grayscale Digital Fund (GDLC, Financial) gained 5.01%.
- Bitwise 10 Crypto Index Fund (BITW) rose 4.90%.
- Moderna (MRNA) was up 3.82%.
- Eli Lilly (LLY) gained 7.31% with news on developments for its Alzheimer’s treatment.
- Xtera Communications (XCOMQ, Financial) soared 146%.
- Marin Software (MRIN, Financial) climbed 105%.
- The 10-year Treasury ended with a yield of 1.499%.
Small-cap stocks
In small caps, the Russell 2000 closed at 2,333.62 for a gain of 30.15 points or 1.31%. The S&P 600 closed at 1,387.46 for a gain of 18.63 points or 1.36%. The Dow Jones U.S. Small-Cap Growth Index closed at 15,454.14 for a gain of 163.18 points or 1.07%. The Dow Jones U.S. Small-Cap Value Index closed at 11,422.08 for a gain of 134.13 points or 1.19%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,702.04 for a gain of 25.24 points or 0.94%; the S&P 100 at 1,949.19 for a gain of 10.61 points or 0.55%; the Nasdaq 100 at 14,365.96 for a gain of 91.72 points or 0.64%; the Russell 3000 at 2,556.84 for a gain of 16.72 points or 0.66%; the Russell 1000 at 2,405.42 for a gain of 14.61 points or 0.61%; the Wilshire 5000 at 44,729.90 for a gain of 287.14 points or 0.65%; and the Dow Jones U.S. Select Dividend Index at 836.19 for a gain of 5.72 points or 0.69%.
