The Dow Jones Industrial Average closed at 26,007.07 on Wednesday with a loss of 22.45 points or -0.09%. The S&P 500 closed at 2,883.98 for a gain of 2.21 points or 0.08%. The Nasdaq Composite closed at 7,862.83 for a gain of 29.56 points or 0.38%. The VIX Volatility Index was lower at 19.49 for a loss of 0.68 points or -3.37%.
Wednesday’s market movers
U.S. indexes continued to gain, closing higher for a second day on Wednesday. In the U.S., investors were encouraged by comments from the Federal Reserve’s Evans suggesting the central bank could make additional rate cuts in 2019. Disney was, however, a detractor for the day as the Dow Jones ended lower after the company fell following disappointing earnings results.
Internationally, Chinese officials have taken steps to keep the midpoint yuan trading level below 7-1 against the dollar, which is a key level for the government and investors. Across the globe, several central banks made rate cuts, including India, New Zealand and Thailand.
Economic reports affecting market trading included the following:
The MBA Mortgage Applications Index increased 5.3% and the MBA’s average 30-year mortgage rate decreased to 4.01% from 4.08%. The EIA’s Weekly Petroleum Status report showed crude oil inventory increasing 2.385 million barrels. The Treasury held an auction for 10-year notes at a rate of 1.670%. Consumer credit increased $14.6 billion in June following an increase of $17.79 billion.
In the S&P 500, the consumer staples and materials sectors led gains. In the Dow Jones Industrial Average, the following stocks led gains and losses:
In small caps, the Russell 2000 closed at 1,500.69 for a loss of 1.40 points or -0.093%. The S&P 600 closed at 922.68 for a gain of 0.89 points or 0.097%. The Dow Jones U.S. Small-Cap Growth Index