The Dow Jones Industrial Average closed at 26,157.16 on Wednesday with a gain of 6.58 points or 0.03%. The S&P 500 closed at 2,888.21 for a gain of 10.01 points or 0.35%. The Nasdaq Composite closed at 7,964.24 for a gain of 54.97 points or 0.70%. The VIX Volatility Index was lower at 13.30 with a loss of 0.98 points or -6.86%.
Wednesday’s market movers
U.S. market indexes rebounded Wednesday after headlines of new European tariffs fueled losses in the previous day’s session. Investors were buying stocks Wednesday ahead of first-quarter earnings reports as global announcements reinforced a steady economic outlook. The Federal Reserve’s March meeting minutes included its plans to stop rate increases in 2019. In Europe, the European Central Bank announced no change to its monetary policy. Meanwhile, the U.S. Consumer Price Index increased at the fastest pace in 14 months, but gains were primarily led by gasoline prices with the Core CPI falling to a 13-month low of 2%.
Economic reports affecting market trading included the following:
- The MBA Mortgage Applications Index decreased 5.6% and the MBA’s average 30-year mortgage rate was reported at 4.4%.
- The Consumer Price Index showed an inflation rate of 0.4% in March and 1.9% annually.
- The Core CPI (excluding food and energy) was up 0.1% in March and 2% annually.
- The Treasury held an auction for 10-year notes at a rate of 2.466%.
- The Monthly Budget Statement showed a deficit of -$147 billion in March, decreasing from -$234 billion.
- The Federal Open Market Committee released its March meeting minutes.
In the Dow Jones Industrial Average, the following stocks led gains:
- Goldman Sachs (GS, Financial) 1.18%
- Cisco (CSCO, Financial) 1.16%
- Walmart (WMT, Financial) 0.92%
- Caterpillar (CAT, Financial) 0.87%
- Intel (INTC, Financial) 0.78%
- Microsoft (MSFT, Financial) 0.76%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,581.55 for a gain of 21.87 points or 1.40%. The S&P 600 closed at 967.44 for a gain of 14.51 points or 1.52%. The Dow Jones Small-Cap Growth TSM Index closed at 10,028.35 for a gain of 124.08 points or 1.25%. The Dow Jones Small-Cap Value TSM Index closed at 9,700.94 for a gain of 116.54 points or 1.22%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,945.44 for a gain of 18.40 points or 0.95%; the S&P 100 at 1,273.79 for a gain of 3.12 points or 0.25%; the Russell 3000 at 1,704.27 for a gain of 8.12 points or 0.48%; the Russell 1000 at 1,600.93 for a gain of 6.51 points or 0.41%; the Wilshire 5000 at 29,860.77 for a gain of 149.79 points or 0.50%; and the Dow Jones U.S. Select Dividend Index at 712.45 for a gain of 2.47 points or 0.35%.
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