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Julie Young
Julie Young
Articles (1116) 

US Market Indexes Close With Gains After Fed Report

Nasdaq up 2.20% on Wednesday

January 30, 2019 | About:

The Dow Jones Industrial Average closed at 25,014.86 on Wednesday with a gain of 434.90 points or 1.77%. The S&P 500 closed at 2,681.05 for a gain of 41.05 points or 1.55%. The Nasdaq Composite closed at 7,183.08 for a gain of 154.79 points or 2.20%. The VIX Volatility Index was lower at 17.71 for a loss of 1.42 points or 7.42%.

Wednesday’s market movers

U.S. market indexes closed with gains Wednesday. The Federal Reserve reported it would keep its federal funds rate unchanged at 2.25% to 2.50%. Its January statement also signaled a relatively more patient approach to rate increases. This supported the rally in equities as fourth-quarter earnings reports continued and the U.S. began new negotiations with China.

In the S&P 500, top performing sectors were technology and consumer discretionary. Evercore (NYSE:EVR) led Wednesday’s earnings gainers with an earnings beat of $1.64 and a return of 8.30%. Apple reported an earnings beat after the market’s close Tuesday with a gain of 6.83% on Wednesday.

Economic reports affecting market trading included the following:

  • The Mortgage Bankers Association’s Mortgage Applications Index decreased 3%.
  • The January ADP Employment Report showed an increase of 213,000 jobs in the private sector.
  • Pending home sales decreased 2.2% in December and decreased 9.8% annually.
  • The Federal Reserve ended its two-day January monetary policy meeting with a statement reporting the federal funds rate would remain unchanged at 2.25-2.50%. Chairman Jerome Powell also held a 2:30 P.M. EST press conference.

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

Small-cap stocks

In small caps, the Russell 2000 closed at 1,486.94 for a gain of 15.49 points or 1.05%. The S&P 600 closed at 926.29 for a gain of 9.22 points or 1.01%. The Dow Jones Small-Cap Growth TSM Index closed at 9345.56 for a gain of 103.95 points or 1.12%. The Dow Jones Small-Cap Value TSM Index closed at 9455.95 for a gain of 43.61 points or 0.46%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1827.21 for a gain of 11.20 points or 0.62%; the S&P 100 at 1180.56 for a gain of 19.91 points or 1.72%; the Russell 3000 at 1583.04 for a gain of 23.32 points or 1.50%; the Russell 1000 at 1,485.67 for a gain of 22.38 points or 1.53%; the Wilshire 5000 at 2,7741.54 for a gain of 404.72 points or 1.48%; and the Dow Jones US Select Dividend Index at 673.03 for a gain of 4.06 points or 0.61%.

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

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