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Julie Young
Julie Young
Articles (984) 

US Market Indexes Regain Ground After Selloff

Dow Jones closes at 24,667.78 with a gain of 1.26%

May 30, 2018 | About:

U.S. market indexes were higher on Wednesday. The Dow Jones Industrial Average closed at 24,667.78 for a gain of 306.33 points or 1.26%. The S&P 500 closed at 2,724.01 for a gain of 34.15 points or 1.27%. The Nasdaq Composite closed at 7,462.45 for a gain of 65.86 points or 0.89%. The VIX Volatility Index was lower at 14.97 for a loss of -2.05 points or -12.04%.

Wednesday’s market movers

U.S. market indexes were higher after pricing in political developments in Italy and an announcement by Moody’s to downgrade the country’s debt rating on Tuesday. Small-cap stocks helped the rebound with the Russell 2000 Index reporting a new all-time high. Higher oil prices were also a factor with the energy sector leading broad market gains.

Economic reports affecting market trading included the following:

  • The Mortgage Bankers Association’s mortgage applications index decreased by -2.9% for the week.
  • The ADP private sector employment report showed an increase of 178,000 jobs in May.
  • The second estimate of gross domestic product showed a seasonally adjusted annual growth rate of 2.2% for the first quarter.
  • Corporate profits showed a year-over-year increase of 0.1% for the first quarter, following a -6% decrease in the previous quarter.
  • International trade in goods showed a deficit of -$68.2 billion.
  • Retail inventories reported a monthly increase of 0.6%.
  • Wholesale inventories were unchanged after a 0.2% increase in March.
  • The Fed released its Beige Book showing moderate economic growth from April to May.
  • The Fed reported it would hold an open meeting to discuss a proposed rule that would amend the current Volcker Rule, which provides legislation governing proprietary trading.

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

Small-cap stocks

In small-caps, the Russell 2000 closed at 1,647.99 for a gain of 24.34 points or 1.50%. The S&P 600 closed at 1,018.46 for a gain of 14.29 points or 1.42%. The Dow Jones Small-Cap Growth TSM Index closed at 10,193.76 for a gain of 150.28 points or 1.50%. The Dow Jones Small-Cap Value TSM Index closed at 10,422.16 for a gain of 146.81 points or 1.43%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,967.96 for a gain of 28.72 points or 1.48%; the S&P 100 at 1,194.90 for a gain of 14.56 points or 1.23%; the Russell 3000 at 1,622.14 for a gain of 20.52 points or 1.28%; the Russell 1000 at 1,512.79 for a gain of 18.86 points or 1.26%; and the Dow Jones U.S. Select Dividend Index at 701.72 for a gain of 8.92 points or 1.29%.

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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