The Dow Jones Industrial Average closed at 25,543.27 on Wednesday with a gain of 117.51 points or 0.46%. The S&P 500 closed at 2,753.03 for a gain of 8.30 points or 0.30%. The Nasdaq Composite closed at 7,420.38 for a gain of 5.76 points or 0.08%. The VIX Volatility Index was higher at 15.52 for a gain of 0.09 points or 0.58%.
Wednesday’s market movers
U.S. stock market indexes closed higher for a third day as progress in political negotiations helped valuations. President Trump is expected to sign the latest agreement reached in Congress to keep the government open. The U.S. and China also continued progress in week-long negotiations in Beijing. Additionally, the president reported this week he would be willing to extend the March 2 deadline.
On the earnings calendar, Charles River (CRL, Financial) led headlines. In the S&P 500, energy, industrials, financials and consumer discretionary led gains.
Yields were mostly higher for Treasuries with the 30-year bond increasing to a yield of 3.038%. A lower inflation rate helped the dollar to gain against nearly all of the major currencies Wednesday except the Chinese yuan.
In commodities, oil prices gained to nearly reach a three-month high with U.S.-China trade negotiations and a potential OPEC supply reduction helping prices. WTI Crude gained 1.73% to $54.02 per barrel.
Economic reports affecting market trading included the following:
- The Mortgage Bankers Association’s Mortgage Applications Index decreased 3.7% with the average 30-year mortgage rate decreasing four basis points to 4.65%.
- The Consumer Price Index was unchanged in January with a year-over-year inflation rate of 1.6%, decreasing from 1.9%.
- The Monthly Budget Statement showed a decrease to the deficit at -$14 billion in December compared to -$205 billion.
In the Dow Jones Industrial Average, the following stocks led gains:
- 3M (MMM, Financial) 1.76%
- Home Depot (HD, Financial) 1.61%
- Walgreens Boots Alliance (WBA, Financial) 1.33%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,542.84 for a gain of 4.61 points or 0.30%. The S&P 600 closed at 959.10 for a gain of 3.79 points or 0.40%. The Dow Jones Small-Cap Growth TSM Index closed at 9,725.80 for a gain of 28.01 points or 0.29%. The Dow Jones Small-Cap Value TSM Index closed at 9,710.33 for a gain of 32.21 points or 0.33%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,893.53 for a gain of 9.24 points or 0.49%; the S&P 100 at 1,208.80 for a gain of 3.06 points or 0.25%; the Russell 3000 at 1,629.01 for a gain of 4.81 points or 0.30%; the Russell 1000 at 1,527.85 for a gain of 4.53 points or 0.30%; the Wilshire 5000 at 28,538.38 for a gain of 75.89 points or 0.27%; and the Dow Jones U.S. Select Dividend Index 690.70 for a gain of 1.61 points or 0.23%.
