The Dow Jones Industrial Average closed at 26,504.00 on Wednesday with a gain of 38.46 points or 0.15%. The S&P 500 closed at 2,926.46 for a gain of 8.71 points or 0.30%. The Nasdaq Composite closed at 7,987.32 for a gain of 33.44 points or 0.42%. The VIX Volatility Index was lower at 14.31 for a loss of 0.84 points or -5.54%.
Wednesday’s market movers
U.S. stocks closed higher on Wednesday, continuing their gains. Investors were optimistic about China trade after the U.S. and China agreed to meet at the G20 Summit in June. Investors were also watching a highly anticipated decision from the Federal Reserve on monetary policy. The Fed reported that it would keep its federal funds rate unchanged at 2.25% to 2.50%. The outlook from Fed officials also showed little expectation for a rate decrease in 2019. The Fed did, however, signal it would be taking an active approach to policy monitoring and would take actions needed to keep the economic expansion going.
Economic reports affecting market trading included the following:
- The MBA Mortgage Applications Index decreased 3.4% and the MBA’s average 30-year mortgage rate increased to 4.14%.
- The EIA’s Crude Oil inventory report showed a decrease of 3.106 million barrels to 1,127.2 million barrels.
- The Federal Open Market Committee kept its federal funds rate unchanged at 2.25% to 2.50%.
In the Dow Jones Industrial Average, the following stocks led gains:
- UnitedHealth (UNH, Financial) 1.86%
- Disney (DIS, Financial) 1.22%
- Merck (MRK) 1.05%
- Pfizer (PFE, Financial) 1.03%
- American Express (AXP) 1.01%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,555.58 for a gain of 5.35 points or 0.35%. The S&P 600 closed at 938.16 for a gain of 2.13 points or 0.23%. The Dow Jones Small-Cap Growth Total Stock Market Index closed at 9,954.28 for a gain of 36.77 points or 0.37%. The Dow Jones Small-Cap Value Total Stock Market Index closed at 9,482.28 for a gain of 13.33 points or 0.14%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,926.95 for a gain of 5.60 points or 0.29%; the S&P 100 at 1,292.32 for a gain of 2.63 points or 0.20%; the Russell 3000 at 1,722.07 for a gain of 5.59 points or 0.33%; the Russell 1000 at 1,620.94 for a gain of 5.24 points or 0.32%; the Wilshire 5000 at 30,030.41 for a gain of 94.92 points or 0.32%; and the Dow Jones U.S. Select Dividend Index at 702.94 for a gain of 1.78 points or 0.25%.
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