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Julie Young
Julie Young
Articles (1178) 

US Stock Indexes Rebound Thursday Following GDP Report

S&P 500 gains 0.21%

May 30, 2019 | About:

The Dow Jones Industrial Average closed at 25,169.88 on Thursday with a gain of 43.47 points or 0.17%. The S&P 500 closed at 2,788.86 for a gain of 5.84 points or 0.21%. The Nasdaq Composite closed at 7,567.72 for a gain of 20.41 points or 0.27%. The VIX Volatility Index was lower at 17.35 for a loss of 0.55 points or -3.07%.

Thursday’s market movers

U.S. market indexes closed higher Thursday. Stocks rebounded from trade war selling and investors weighed a list of economic reports. The Bureau of Economic Analysis released its second estimate for gross domestic product, which showed a fairly strong report with GDP increasing 3.1% in the first quarter, down just slightly from the first estimate of 3.2%.

Overall, economic reports affecting market trading included the following:

  • GDP increased 3.1% in the first quarter according to the Bureau of Economic Analysis’ second estimate.
  • Corporate profits decreased 3.5% from the fourth quarter to the first quarter.
  • The PCE Price Index increased 0.4% in the first quarter. The Core PCE Price Index, excluding food and energy, increased 1% in the first quarter.
  • Jobless claims increased to 215,000 from 212,000.
  • Wholesale inventories increased 0.7% in April.
  • The goods trade balance showed a deficit of $72.12 billion.
  • Pending home sales decreased 1.5% in April and reported a year-over-year decrease of 2%.
  • The Treasury held auctions for four-week bills at a rate of 2.330% and eight-week bills at a rate of 2.330%.
  • Freddie Mac’s weekly mortgage market survey showed mortgage rates falling. The 30-year fixed-rate mortgage averaged 3.99%, decreasing from 4.06%. The 15-year fixed-rate mortgage averaged 3.46%, decreasing from 3.51%.

In the S&P 500, the consumer discretionary, real estate and health care sectors led gains. In the Dow Jones, the following stocks led gains:

After the closing bell, investors were watching Uber (NYSE:UBER), which released its first earnings report following its initial public offering. Uber reported earnings per share of -$2.26, missing estimates by 1 cent. Revenue beat estimates by $20 million at $3.1 billion, increasing 20.2% year over year.

Small-cap stocks

In small caps, the Russell 2000 closed at 1,484.91 for a loss of 5.04 points or -0.34%. The S&P 600 closed at 901.32 for a loss of 2.77 points or -0.31%. The Dow Jones Small-Cap Growth Total Stock Market Index closed at 9,474.28 for a loss of 12.13 points or -0.13%. The Dow Jones Small-Cap Value Total Stock Market Index closed at 9,128.11 for a loss of 77.60 points or -0.84%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,828.67 for a loss of 4.10 points or -0.22%; the S&P 100 at 1,233.67 for a gain of 1.70 points or 0.14%; the Russell 3000 at 1,640.69 for a gain of 2.63 points or -0.16%; the Russell 1000 at 1,544.07 for a gain of 3.00 points or -0.19%; the Wilshire 5000 at 28,625.56 for a gain of 42.29 points or 0.15%; and the Dow Jones U.S. Select Dividend Index at 674.94 for a loss of 1.16 points or -0.17%.

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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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