U.S. market indexes were higher Wednesday with help from OPEC (Organization of Petroleum Exporting Countries).
For the day the Dow Jones Industrial Average closed at 18,339.24 for a gain of 110.94 points or 0.61%. The Standard & Poor's 500 was also higher, closing at 2,171.37 for a gain of 11.44 points or 0.53%. The Nasdaq Composite closed higher at 5,318.55 for a gain of 12.84 points or 0.24%. The VIX Volatility Index closed at 12.41 for a loss of 0.69 points or 5.27%.
In the Dow Jones Industrial Average, the following stocks led gains:
- Caterpillar (CAT, Financial) 4.48%.
- ExxonMobil (XOM, Financial) 4.40%.
- Chevron (CVX, Financial) 3.20%.
- Procter & Gamble (PG, Financial) 1.24%.
- Merck (MRK, Financial) 1.17%.
On the economic calendar, durable goods orders showed no change for the month and a decrease of 1.3% for the year. Mortgage applications reported by the Mortgage Bankers Association were down -0.7%.
Reports that OPEC reached a deal at its informal meeting in Algeria helped stocks gain for the day. OPEC producers will reduce oil production to 32.5 million barrels per day. Oil gained on Wednesday as oil inventory was also 1.9 million barrels lower in the EIA’s Weekly Petroleum Status report. WTI crude oil increased 0.64% to $47.35. Brent crude oil increased 5.92% to $48.69.
A report from CNBC gave more details on the day’s trading and oil production agreement.
Disclosure: I do not own any stocks included in this article.
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