The Dow Jones Industrial Average closed at 28164.00 on Wednesday with a gain of 42.32 points or 0.15%. The S&P 500 closed at 3153.63 for a gain of 13.11 points or 0.42%. The Nasdaq Composite closed at 8705.18 for a gain of 57.24 points or 0.66%. The VIX Volatility Index was higher at 11.75 for a gain of 0.21 points or 1.82%.
Wednesday’s Market Movers
U.S. indexes reported another day of record highs before the Thanksgiving holiday. Stock markets will close at 1:00 PM EST on Friday.
An upward revision to third quarter GDP growth was a key catalyst for the day. Third quarter GDP was revised up from 1.9% to 2.1%, showing continued expansion in the U.S. economy. The Fed's Beige Book was also released Friday with similar postive sentiment. The Fed said the economy "expanded modestly" from October through mid-November which was an improvement from "slight to modest." Moreover, durable goods orders reported Friday were higher than expected and President Trump said that the U.S. was working on final negotiations for a China trade deal.
Economic reports affecting market trading included the following:
- The Core PCE Price Index increased 0.1% in October. Year over year the Core PCE Price Index increased 1.6%.
- The MBA Mortgage Applications Index increased 1.5% and the MBA's 30-year average mortgage rate decreased to 3.97%.
- Durable goods orders increased 0.6% in October, beating expectations for a -0.6% decrease. Separately, durable goods orders excluding defense increased 0.1% and durable goods orders excluding transportation increased 0.6%.
- GDP in the second estimate showed an increase of 2.1% in the third quarter, an upward revision from 1.9%.
- Corporate profits increased 1.3% in the third quarter.
- Jobless claims decreased to 213,000 from 228,000.
- Personal income was unchanged in October and personal spending increased 0.3%.
- The PCE Price Index increased 0.2% in October and 1.3% year over year.
- Pending home sales decreased -1.7% in October and showed a 4.4% year over year increase.
- The Treasury held an auction for 4-week bills at a rate of 1.62%, 8-week bills at a rate of 1.57% and 7-year notes at a rate of 1.719%.
- The Baker Hughes North American oil rig count decreased to 928 from 940.
- The EIA's Weekly Petroleum Status report showed crude oil inventory increasing by 1.572 million.
- The Fed said the economy expanded modestly in its Beige Book report.
In the S&P 500, consumer discretionary and technology led gains. In the Dow Jones Industrial Average, the following stocks led gains:
Small-Cap Stocks
In small-caps, the Russell 2000 closed at 1,634.10 for a gain of 9.87 points or 0.61%. The S&P 600 closed at 999.99 for a gain of 4.42 points or 0.44%. The Dow Jones U.S. Small-Cap Growth Index closed at 10457.00 for a gain of 66.05 points or 0.64%. The Dow Jones U.S. Small-Cap Value Index closed at 9780.66 for a gain of 53.71 points or 0.55%.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,030.78 for a gain of 12.76 points or 0.63%; the S&P 100 at 1,404.15 for a gain of 6.39 points or 0.46%; the Nasdaq 100 at 8,444.71 for a gain of 58.96 points or 0.70%; the Russell 3000 at 1,850.22 for a gain of 8.04 points or 0.44%; the Russell 1000 at 1,744.38 for a gain of 7.37 points or 0.42%; the Wilshire 5000 at 32,260.73 for a gain of 141.10 points or 0.44%; and the Dow Jones US Select Dividend Index at 741.59 for a gain of 2.61 points or 0.35%.
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