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Julie Young
Julie Young
Articles (1117) 

US Market Indexes Close Lower for a 3rd Day

S&P 500 down 0.65% on Wednesday

March 06, 2019 | About:

The Dow Jones Industrial Average closed at 25,673.46 on Wednesday with a loss of 133.17 points or -0.52%. The S&P 500 closed at 2,771.45 for a loss of 18.20 points or -0.65%. The Nasdaq Composite closed at 7,505.92 for a loss of 70.44 points or -0.93%. The VIX Volatility Index was higher at 15.74 for a gain of 1.00 point or 6.78%

Wednesday’s market movers

The U.S.’s trade deficit report showed new lows on Wednesday, causing concerns for the economy’s growth. The deficit balance fell to -$59.8 billion in December and the goods balance reported a record low of -$81.5 billion. New tariffs have reportedly been a significant factor for exports, specifically farm products.

In the biotech sector, the Nasdaq Biotechnology Index was down 3.14% to 3,454.95 and the Global Cannabis Stock Index was down 2.51% to 95.31 as the surprise resignation of the Food and Drug Administration’s commissioner on Tuesday creates some new uncertainties. Investors also continued to watch U.S. and China trade negotiations with headlines reporting a potential agreement by the end of the month. U.S. investors continue to remain somewhat skeptical, but reports on Wednesday did show China has agreed to some concessions in order to help reach an agreement.

In the S&P 500, health care led losses. In Treasuries, demand for safe havens pushed prices mostly higher. The 30-year bond’s price increased 0.33% with the yield falling to 3.067%. In foreign exchange, the U.S. Dollar Index was down 0.04% to 96.86.

Economic reports affecting market trading included the following:

  • The MBA Mortgage Applications Index was down 2.5%. The MBA 30-year mortgage rate averaged 4.67%, increasing from 4.65%.
  • The ADP Employment report showed an increase of 183,000 private sector jobs in February, a decrease from January.
  • The Balance of Trade report showed the trade deficit at -$59.8 billion in December, falling further from -$50.3 billion.
  • The Federal Reserve released its Beige Book report showing “slight-to-moderate” growth in 10 of 12 districts and slower activity from the partial government shutdown.

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

Small-cap stocks

In small caps, the Russell 2000 closed at 1,536.82 for a loss of 31.46 points or -2.01%. The S&P 600 closed at 945.78 for a loss of 19.05 points or -1.97%. The Dow Jones Small-Cap Growth TSM Index closed at 9,710.29 for a loss of 186.31 points or -1.88%. The Dow Jones Small-Cap Value TSM Index closed at 9,566.54 for a loss of 155.39 points or -1.60%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,881.47 for a loss of 26.30 points or -1.38%; the S&P 100 at 1,223.14 for a loss of 6.61 points or -0.54%; the Russell 3000 at 1,637.11 for a loss of 13.15 points or -0.80%; the Russell 1000 at 1,536.47 for a loss of 10.86 points or -0.70%; the Wilshire 5000 at 28,686.55 for a loss of 236.56 points or -0.82%; and the Dow Jones U.S. Select Dividend Index at 695.90 for a loss of 3.04 points or -0.43%.

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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