The Dow Jones Industrial Average closed at 24,001.92 on Thursday with a gain of 122.80 points or 0.51%. The S&P 500 closed at 2,596.64 for a gain of 11.68 points or 0.45%. The Nasdaq Composite closed at 6,986.07 for a gain of 28.99 points or 0.42%. The VIX Volatility Index was lower at 19.47 for a loss of 0.51 points or -2.55%.
Thursday’s market movers
U.S. market indexes pulled further away from correction territory Thursday with a fifth consecutive day of gains. Returns from the most recent peaks include the following:
- Dow Jones: -8.4%
- S&P 500: -10.1%
- Nasdaq: -12.87%
Oil prices reported a ninth day of gains, which has been helping the stock market rally. The S&P 500 energy sector had a gain of 0.29%. On the New York Stock Exchange, top energy gainers included Emerge Energy Services (EMES, Financial) and Ranger Energy Services (RNGR, Financial).
The 10-year to two-year Treasury spread was mostly unchanged at 0.1644, with the 10-year Treasury reporting a yield of 2.73%. The market digested a multitude of Federal Reserve speeches Thursday, including an interview of Fed Chairman Jerome Powell at an event in Washington, D.C. Powell said, "We have the ability to be patient and watch patiently and carefully as we see the economy evolve.” More dovish comments and less aggressive need for monetary policy changes in 2019 has been a factor for improving stock returns.
On the political front, the government shutdown continued into its 20th day, nearing the all-time record of 21 days. Internationally, the U.S. and China are reporting success in trade negotiations, which has eased some concerns over economic challenges.
Economic reports affecting market trading included the following:
- Mortgage rates were lower, according to Freddie Mac’s weekly mortgage market survey. The 30-year fixed-rate mortgage averaged 4.45%, down from 4.51%. The 15-year fixed-rate mortgage averaged 3.89%, down from 3.99%.
- Jobless claims decreased to 216,000 from 233,000.
- The Treasury held auctions for four-week bills and 30-year bonds at rates of 2.38% and 3.04% respectively.
In the Dow Jones Industrial Average, the following stocks led gains:
- Boeing (BA, Financial) 2.55%
- Caterpillar (CAT, Financial) 2.06%
- Travelers (TRV, Financial) 1.31%
- Intel (INTC, Financial) 1.15%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,445.43 for a gain of 6.62 points or 0.46%. The S&P 600 closed at 899.43 for a gain of 2.74 points or 0.31%. The Dow Jones Small-Cap Growth TSM Index closed at 9,011.06 for a gain of 47.65 points or 0.53%. The Dow Jones Small-Cap Value TSM Index closed at 9,138.05 for a gain of 54.80 points or 0.60%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,761.41 for a gain of 13.98 points or 0.80%; the S&P 100 at 1,149.45 for a gain of 2.79 points or 0.24%; the Russell 3000 at 1,531.81 for a gain of 7.19 points or 0.47%; the Russell 1000 at 1,437.08 for a gain of 6.76 points or 0.47%; the Wilshire 5000 at 26,853.78 for a gain of 112.37 points or 0.42%; and the Dow Jones U.S. Select Dividend Index at 661.58 for a gain of 3.83 points or 0.58%.
