US Market Indexes Gain Tuesday With Progress on Tax Reform

Dow Jones, S&P 500 and Nasdaq close at new highs

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Nov 28, 2017
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U.S. market indexes were higher Tuesday. The Dow Jones Industrial Average closed at 23,836.71 for a gain of 255.93 points or 1.09%. The S&P 500 closed at 2,627.04 for a gain of 25.62 points or 0.98%. The Nasdaq closed at 6,912.36 for a gain of 33.84 points or 0.49%. The VIX Volatility Index was higher for the day at 10.03 for a gain of 0.16 points or 1.62%.

Tuesday’s market movers

All three leading indexes closed at new highs. Valuations were helped by a more positive outlook on tax reform as a tax bill moved toward Senate vote.

Economic reports affecting market trading included the following:

  • International trade in goods reported a deficit of -$68.3 billion.
  • Retail inventories decreased -0.1% for the month.
  • Wholesale inventories decreased -0.4% for the month.
  • The FHFA House Price Index increased 0.3% for the month and 6.3% for the year.
  • The S&P Corelogic Case-Shiller Home Price Index increased 6.2% for the year.
  • The Conference Board’s Consumer Confidence Index increased to 129.5 from 126.2.

In the Dow Jones Industrial Average, the following stocks led gains:

JPMorgan (JPM, Financial) 3.50%

Verizon (VZ, Financial) 2.43%

Cisco (CSCO, Financial) 2.33%

Travelers (TRV, Financial) 1.94%

American Express (AXP, Financial) 1.94%

In the broad market, financial stocks led gains. Technology was also higher with the S&P 500 technology sector gaining 0.33%.

Small-cap stocks

In small-caps, the Russell 2000 Index closed at 1,536.43 for a gain of 23.12 points or 1.53%. The S&P 600 closed at 937.77 for a gain of 15.59 points or 1.69%. The Dow Jones Small-Cap Growth TSM Index closed at 9,337.60 for a gain of 117.41 points or 1.27%. The Dow Jones Small-Cap Value TSM Index closed at 10,239.36 for a gain of 165.71 points or 1.64%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,880.26 for a gain of 24.15 points or 1.30%; the S&P 100 Index at 1,158.57 for a gain of 11.46 points or 1.00%; the Russell 3000 Index at 1,557.90 for a gain of 15.61 points or 1.01%; the Russell 1000 Index at 1,456.56 for a gain of 13.99 points or 0.97%; and the Dow Jones U.S. Select Dividend Index at 692.52 for a gain of 8.24 points or 1.20%.