U.S. Market Indexes Higher with Improving Economic Data
Wed Oct 05 2016
Jim Andrews (452 articles)

U.S. Market Indexes Higher with Improving Economic Data

U.S. market indexes were higher Wednesday. For the day the Dow Jones Industrial Average closed at 18281.03 for a gain of 112.58 points or 0.62 percent. The S&P 500 was also higher, closing at 2159.73 for a gain of 9.24 points or 0.43 percent. The Nasdaq Composite closed higher at 5316.02 for a gain of 26.36 points or 0.50 percent. The VIX Volatility Index was lower for the day at 13.04 for a loss of -0.59 points or -4.33 percent.

Wednesday’s Market Movers

Stocks ended the day higher Wednesday with the market’s economic indicators and investors better prepared for a rate hike from the Federal Reserve. The ADP Employment report showed private sector job gains at 154,000, slightly below the expectation of 170,000. The international trade deficit increased to $-40.7 billion.  Crude oil inventories fell 3.0 million barrels to 502.7 million barrels.  Factory orders beat consensus at a 0.2 percent gain versus a -0.2 percent expectation. Mortgage applications increased 2.9 percent and refinancings increased 5 percent. Services was the highlight of the day with the PMI Services Index at 52.3 up from 51. The ISM Non-Manufacturing Index  was also higher at 57.1 up from 51.4.

Stocks trading actively for the day included the following:

Bank of America

Chesapeake Energy

Coty

Ford

Procter & Gamble

Salesforce.com

Wells Fargo

Frontier Communications

Alcoa

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

Goldman Sachs 2.55

Caterpillar           2.18

Boeing 1.82

DuPont 1.79

JPMorgan                            1.64

Top sectors for the broad market included financials and energy. Technology was higher for the day with S&P 500 technology stocks up 0.36 percent. The Nasdaq 100 was higher, closing at 4877.75 for a gain of 18.28 points or 0.38 percent. Stocks leading technology higher included the following:

Liberty Global Group      8.35

Liberty Media Group      7.52

Netflix   3.84

Discovery Communications          2.74

In commodities, gold traded lower as evidenced by the SPDR Gold Trust which reported a loss of -0.19 points or -0.16 percent. The dollar was higher for the day as the U.S. Dollar Index gained 0.01 points or 0.01 percent to 96.15.

Small-Cap Stocks

In small-caps, the Russell 2000 Index was higher at 1248.37 for a gain of 8.59 points or 0.69 percent. The S&P 600 Small-Cap Index was higher at 755.37 for a gain of 4.71 points or 0.63 percent. The Dow Jones Small-Cap Growth TSM Index was higher at 7625.64 for a gain of 57.46 points or 0.76 percent. The Dow Jones Small-Cap Value TSM Index closed at 8676.11 for a gain of 44.63 points or 0.52 percent.

Other Notable Indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1541.93 for a gain of 7.98 points or 0.52 percent; the S&P 100 at 956.56 for a gain of 4.08 points or 0.43 percent; the Russell 3000 Index at 1279.60 for a gain of 5.70 points or 0.45 percent; the Russell 1000 Index at 1197.44 for a gain of 5.09 points or 0.43 percent; and the Dow Jones U.S. Select Dividend Index at 604.65 for a gain of 1.26 points or 0.21 percent.

Jim Andrews

Jim Andrews

Jim Andrews is Desk Correspondent for Global Stock, Currencies, Commodities & Bonds Market . He has been reporting about Global Markets for last 5+ years. He is based in New York

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