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Julie Young
Julie Young
Articles (967) 

US Market Indexes Mixed on Wednesday, Tech Stocks Gain

Dow Jones closes at 24,801.36

March 07, 2018 | About:

U.S. market indexes were mixed on Wednesday. The Dow Jones closed at 24,801.36 for a loss of -82.76 points or -0.33%. The S&P 500 closed at 2,726.80 for a loss of -1.32 points or -0.05%. The Nasdaq Composite closed at 7,396.65 for a gain of 24.64 points or 0.33%. The VIX Volatility Index was lower at 17.85 for a loss of -0.51 points or -2.78%.

Wednesday’s market movers

New international tariffs on steel and aluminum and the resignation of White House economic advisor Gary Cohn led large-cap stocks mostly lower on Wednesday. A report that the Trump administration could be negotiating some tariff exceptions for Mexico and Canada helped to improve valuations slightly in afternoon trading.

Economic reports affecting market trading on Wednesday included the following:

  • The Mortgage Bankers Association’s mortgage application index increased 0.3% for the week.
  • The ADP private sector employment report showed an increase of 235,000 jobs in the private sector.
  • The international trade balance showed a deficit of -$56.6 billion.
  • The Productivity and Costs report showed no change in productivity and a seasonally adjusted annual growth rate of 2.5% for unit labor costs in the fourth quarter.
  • The EIA Petroleum Status Report showed an increase of 2.4 million barrels in oil inventory for the week.
  • Consumer credit showed a monthly increase of $13.9 billion in outstanding credit.
  • The Beige Book was released, showing some signs of economic weakening with all 12 districts reporting "modest-to-moderate" growth in the economy.

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

In the broad market, consumer discretionary and consumer staples led losses. Technology stocks gained with the S&P 500 technology sector reporting an increase of 0.55%.

Small-cap stocks

In small-caps, the Russell 2000 closed at 1,574.53 for a gain of 12.33 points or 0.79%. The S&P 600 closed at 956.49 for a gain of 6.66 points or 0.70%. The Dow Jones Small-Cap Growth TSM Index closed at 9,801.05 for a gain of 68.80 points or 0.71%. The Dow Jones Small-Cap Value TSM Index closed at 10,047.15 for a gain of 37.06 points or 0.37%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,920.42 for a gain of 3.43 points or 0.18%; the S&P 100 at 1,201.86 for a loss of -0.68 points or -0.06%; the Russell 3000 at 1,615.33 for a gain of 0.76 points or 0.05%; the Russell 1000 at 1,511.71 for a loss of -0.20 points or -0.01%; and the Dow Jones U.S. Select Dividend Index at 688.66 for a loss of -3.14 points or -0.45%.

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 holds a Master of Science degree in finance from Boston College and a Bachelor of Science degree in finance from the University of Arkansas.

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