U.S. market indexes were higher Wednesday. The Dow Jones Industrial Average was higher at 17,851.51 for a gain of 145.46 points or 0.82%. The Standard & Poor's 500 was also higher at 2,090.54 for a gain of 14.48 points or 0.70%. The Nasdaq Composite was higher for the day at 4,894.89 for a gain of 33.84 points or 0.70%.
In the Dow Jones Industrial Average, the following stocks led the index higher:
- Goldman Sachs Group Inc. (GS, Financial) 2.34%.
- International Business Machines Corp. (IBM, Financial) 2.24%.
- Caterpillar (CAT, Financial) 2.08%.
- Apple (AAPL, Financial) 1.76%.
- Merck (MRK, Financial) 1.71%.
Sectors leading overall in the broad market on Wednesday were energy and materials. In commodities, gold traded lower with the SPDR Gold Trust (GLD, Financial) reporting a loss of -0.27%. The dollar was lower for the day with the U.S. Dollar Index down -0.19% to 95.41.
In the technology sector, stocks gained. The Nasdaq Composite was higher for the day at 4,894.89 for a gain of 33.84 points or 0.70% and the Nasdaq 100 closed at 4,476.43 for a gain of 32.14 points or 0.72%. Stocks leading in the technology sector included Western Digital (WDC, Financial), up 4.42%, and Seagate Technology (STX, Financial), up 2.87%.
In small caps, the Russell 2000 was higher at 1,141.02 for a gain of 5.72 points or 0.50% and the S&P 600 closed at 697.88 for a gain of 3.86 points or 0.56%. Other notable index closes included the S&P 400 Mid-Cap Index, which closed at 1,481.20 for a gain of 9.71 points or 0.66%; the Russell 3000, which closed at 1,231.34 for a gain of 8.44 points or 0.69%; the Russell 1000, which closed at 1,157.12 for a gain of 8.11 points or 0.71%; and the Dow Jones U.S. Select Dividend Index, which closed at 587.68 for a loss of 2.94 points or 0.50%.
The VIX Volatility Index was lower for the day at 13.88 for a loss of 0.54 points or 3.74%. For the week the VIX Volatility Index is down 1.33 points or 8.55%. Overall, the market has increasingly been reporting less volatility as investors have mostly factored in a slower economic direction and a rate increase for later in the year. With the VIX lower, the market is likely signaling that investors don’t see a need for a June rate hike.
In a CNBC discussion Wednesday, market specialists talked about the market’s lower volatility and the Federal Reserve’s June Federal Open Market Committee meeting.
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