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Julie Young
Julie Young
Articles (1221) 

US Indexes Close Higher Wednesday, Tech Stocks Rally

Nasdaq gains 1.06%

September 11, 2019 | About:

The Dow Jones Industrial Average closed at 27,137.04 on Wednesday with a gain of 227.61 points or 0.85%. The S&P 500 closed at 3,000.93 for a gain of 21.54 points or 0.72%. The Nasdaq Composite closed at 8,169.68 for a gain of 85.52 points or 1.06%. The VIX Volatility Index was lower at 14.64 for a loss of 0.56 points or -3.68%.

Wednesday’s market movers

U.S. indexes gained Wednesday with tech stocks rebounding from a selloff after China announced some new tariff exemptions. The technology sector led gains in the S&P 500. Investors were also optimistic about economic stimulus from the European Central Bank, which meets Thursday, and the Federal Reserve, which meets on Sept. 17.

Despite the day’s gains, investors still remain cautious over China trade and big tech probes. Both areas will likely keep the technology sector volatile over the coming months.

Economic reports affecting market trading included the following:

  • The MBA Mortgage Applications Index increased 2% following a decrease of 3.1%. The MBA’s average 30-year mortgage rate decreased to 3.82% from 3.87%.
  • The Producer Price Index increased 0.1% in August following an increase of 0.2%. Year over year, the Producer Price Index increased 1.8% following an increase of 1.7%.
  • The Core Producer Price Index, excluding food and energy, increased 0.3% in August following a decrease of 0.1%. Year over year, the Core Producer Price Index increased 2.3% following an increase of 2.1%.
  • Wholesale inventories increased 0.2% in July following a decrease of 0.1%.
  • The EIA’s Weekly Petroleum Status report showed crude oil inventory down 6.912 million barrels following a decrease of 4.771 million barrels.
  • The Treasury held an auction for 10-year notes at a rate of 1.739%.

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

Small-cap stocks

In small caps, the Russell 2000 closed at 1,575.71 for a gain of 32.72 points or 2.12%. The S&P 600 closed at 974.99 for a gain of 20.08 points or 2.10%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,056.05 for a gain of 169.26 points or 1.71%. The Dow Jones U.S. Small-Cap Value Index closed at 9,633.58 for a gain of 152.04 points or 1.60%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,964.11 for a gain of 26.31 points or 1.36%; the S&P 100 at 1,327.87 for a gain of 10.43 points or 0.79%; the Nasdaq 100 at 7,887.58 for a gain of 72.84 points or 0.93%; the Russell 3000 at 1,761.06 for a gain of 14.80 points or 0.85%; the Russell 1000 at 1,658.78 for a gain of 12.49 points or 0.76%; the Wilshire 5000 at 30,721.66 for a gain of 251.59 points or 0.83%; and the Dow Jones U.S. Select Dividend Index at 733.00 for a gain of 8.91 points or 1.23%.

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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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