U.S. Market Indexes Mixed as Economic Growth Appears to Be Slowing
U.S. market indexes were mixed in trading on Wednesday. For the day, the Dow Jones Industrial Average closed at 18526.14 for a loss of -11.98 points or -0.06 percent. The S&P 500 was also lower, closing at 2186.15 for a loss of -0.33 points or -0.02 percent. The Nasdaq Composite closed higher at 5283.93 for a gain of 8.02 points or 0.15 percent. The VIX Volatility Index was lower for the day at 11.91 for a loss of -0.11 points or -0.92 percent.
Wednesday’s Market Movers
On Wednesday investors continued to watch the economic data. Leading data reports on the calendar for the day included Mortgage Applications, the PMI Services Index and the Beige Book. On Wednesday, mortgage applications gained with an increase of 0.9 percent. The PMI Services Index missed expectations and was also below the previous month’s report. The August report showed the Index at a level of 51.0 which was just below the estimate of 51.2 and down from the previous month’s report of 51.4. The Beige Book reported the outlook for economic growth as moderate. Also noted in the Beige Book was the Fed’s consideration of the November election and how it might impact the economy.
Large-cap stock indexes traded lower for the day after signs of slowing growth from the PMI Services Index followed yesterday’s weak services report and last week’s lower reports on manufacturing.
Stocks trading actively on Wednesday included the following:
EMC
Bank of America
Apple
Chesapeake Energy
General Electric
Regions Financial Corp.
Spectra Energy
Ford
In the Dow Jones Industrial Average, the following stocks led losses for the day:
Losses (percent)
Wal-Mart Stores Inc -1.29
The Home Depot Inc -0.98
Procter & Gamble Co -0.78
Merck & Co Inc -0.59
JPMorgan Chase & Co -0.42
In the broad market, losses were led by consumer staples, materials and financial sector stocks. Technology mostly gained for the day. S&P 500 technology companies were up 0.25 percent on Wednesday. The Nasdaq Composite closed higher at 5283.93 for a gain of 0.15 percent. The Nasdaq 100 was also higher at 4831.86 for a gain of 0.05 percent. Stocks leading gains in technology included the following:
Gains (percent)
Western Digital Corp 12.09
Liberty Media Group B 9.53
Seagate Technology 5.92
In commodities, gold traded lower as evidenced by the SPDR Gold Trust which reported a loss of -0.44 points or -0.34 percent. The dollar was higher for the day as the U.S. Dollar Index gained 0.12 points or 0.13 percent to trade at 94.98.
Small-Cap Stocks
In small-caps, the Russell 2000 Index closed at 1261.01 for a gain of 7.64 points or 0.61 percent. The S&P 600 Small-Cap Index closed at 765.47 for a gain of 5.04 points or 0.66 percent. The Dow Jones Small-Cap Growth TSM Index closed at 7670.54 for a gain of 38.80 points or 0.51 percent. The Dow Jones Small-Cap Value TSM Index closed at 8907.50 for a gain of 52.33 points or 0.59 percent.
Other Notable Indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1581.51 for a gain of 5.47 points or 0.35 percent; the S&P 100 Index at 966.11 for a loss of -0.73 points or -0.08 percent; the Russell 3000 Index at 1295.73 for a gain of 0.97 points or 0.07 percent; the Russell 1000 Index at 1212.78 for a gain of 0.38 points or 0.03 percent; and the Dow Jones U.S. Select Dividend Index at 622.31 for a gain of 0.90 points or 0.14 percent.
