The Dow Jones Industrial Average closed at 26,355.47 on Wednesday with a gain of 237.45 points or 0.91%. The S&P 500 closed at 2,937.78 for a gain of 31.51 points or 1.08%. The Nasdaq Composite closed at 7,976.88 for a gain of 102.72 points or 1.30%. The VIX Volatility Index was lower at 17.31 for a loss of 2.35 points or -11.95%.
Wednesday’s market movers
U.S. indexes rebounded after starting the week lower on Tuesday. A resolution to withdraw Hong Kong’s extradition bill was a positive factor. In the U.K., lawmakers voted to delay Brexit beyond Oct. 31, which could help lead to better terms. The Federal Reserve’s Williams also commented on the potential for slowing economic growth, which could spur further policy actions. Williams’ comments were from a Euromoney/Global Capital event in New York and followed yesterday’s ISM manufacturing report of the first contraction in three years.
Economic reports affecting market trading included the following:
- The MBA Mortgage Applications Index decreased 3.1% following a decrease of 6.2% in the previous week. The MBA’s average 30-year mortgage rate was 3.87%, down from 3.94%.
- The balance of trade report showed a deficit of $54 billion in July following a deficit of $55.5 billion. Exports were $207.4 billion and imports were $261.4 billion.
- The EIA’s Petroleum Status report showed crude oil inventory decreasing by 11.1 million barrels.
- The Fed’s Beige Book showed a modest pace of economic growth.
In the S&P 500, the technology, energy and industrial sectors led gains. In the Dow Jones Industrial Average, the following stocks led gains:
- Intel (INTC, Financial) +4.13%
- Walgreens Boots Alliance (WBA, Financial) +1.98%
- Nike (NKE, Financial) +1.98%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,484.76 for a gain of 12.47 points or 0.85%. The S&P 600 closed at 914.47 for a gain of 8.50 points or 0.94%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,671.84 for a gain of 94.66 points or 0.99%. The Dow Jones U.S. Small-Cap Value Index closed at 9,054.19 for a gain of 94.19 points or 1.05%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,880.94 for a gain of 22.89 points or 1.23%; the S&P 100 at 1,297.53 for a gain of 14.57 points or 1.14%; the Nasdaq 100 at 7,719.25 for a gain of 109.73 points or 1.44%; the Russell 3000 at 1,720.12 for a gain of 18.15 points or 1.07%; the Russell 1000 at 1,624.29 for a gain of 17.37 points or 1.08%; the Wilshire 5000 at 29,996.96 for a gain of 317.72 points or 1.07%; and the Dow Jones U.S. Select Dividend Index at 702.50 for a gain of 7.24 points or 1.04%.
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