U.S. Stock Valuations Continue to Gain
U.S. market indexes were higher Wednesday as valuations continued to gain.
For the day the Dow Jones Industrial Average closed at 18,005.05 for a gain of 66.77 points or 0.37%. The Standard & Poor’s 500 was also higher, closing at 2,119.12 for a gain of 6.99 points or 0.33%. The Nasdaq Composite also gained with a closing value of 4,974.64, up 12.89 points or 0.26%. The VIX Volatility Index was stable at 14.10 for a gain of 0.05 points or 0.36%.
Only a few economic indicators were reported on Wednesday, but most were positive. The Mortgage Bankers Association reported a weekly increase of 9.3% in mortgage applications as the outlook for the federal funds rate continues to remain below 1%. The Energy Information Administration reported a decrease of 3.2 million barrels in U.S. oil inventory, and oil prices were also higher for the day. The Quarterly Services Survey was also released showing an increase in information and technology services revenue of 1.3% from the previous quarter and 5.7% annually.
Stocks trading actively for the day included Gevo (NASDAQ:GEVO), Comtech Telecomunications(NASDAQ:CMTL), Oil-Dri Corporation of America (NYSE:ODC), Amazon (NASDAQ:AMZN) andABM Industries (NYSE:ABM).
Amazon was a leading stock in active trading after the company announced a $ 3 billion investment in India.
The stock gained 2.90 points or 0.40% to $ 726.64.
In the Dow Jones Industrial Average, the following stocks led gains:
UnitedHealth Group (NYSE:UNH) 2.53%.
Caterpillar (NYSE:CAT) 1.69%.
Visa (NYSE:V) 1.30%.
Pfizer (NYSE:PFE) 1.18%.
Merck (NYSE:MRK) 1.09%.
In technology, the Nasdaq Composite gained and the Nasdaq 100 was also higher closing at 4,520.63 for a gain of 7.54 points or 0.17%. Stocks leading gains in the Nasdaq 100 included the following:
Alphabet (NASDAQ:GOOGL) 11.84%.
Cognizant Technology Solutions Corp. (CTSH) 0.89%.
Tesla Motors Inc. (TSLA) 3.18%.
In commodities, gold traded higher as evidenced by the SPDR Gold Trust which reported a gain of 1.76 points or 1.48%. Oil traded higher reaching $ 51 a barrel. The dollar was lower for the day as the U.S. Dollar Index was down 0.23 points or 0.25% to 93.62.
In a CNBC report Wednesday, market specialists discussed the current market environment and some of the stocks that have gained the most over the past few months.