The Dow Jones Industrial Average closed at 26,346.01 on Wednesday with a gain of 181.97 points or 0.70%. The S&P 500 closed at 2,919.40 for a gain of 26.34 points or 0.91%. The Nasdaq Composite closed at 7,903.74 for a gain of 79.96 points or 1.02%. The VIX Volatility Index was lower at 18.77 for a loss of 1.51 points or -7.45%.
Wednesday’s market movers
U.S. indexes rebounded Wednesday after closing lower to start the week. Investors continued to have concerns over the Trump impeachment investigation and U.S.-China trade negotiations. A CNBC poll showed Americans believe the investigation is worthy of probing. On Tuesday, the White House declined to participate in the investigation, halting a House testimony by the U.S. ambassador to the European Union and sending a letter to the House of Representatives. Trade negotiations with China also appear to be somewhat unstable with China’s key negotiator, Vice President Liu He, no longer attending. However, Wednesday’s news showed China willing to make more agricultural purchases and potentially suggesting a limited deal.
The September minutes from the Federal Reserve’s most recent meeting helped increase the chances for another rate cut. The Fed’s minutes showed officials were increasingly more concerned about economic signals, specifically in the areas of hiring and consumer spending as new trade war effects occur.
Economic reports affecting market trading included the following:
The MBA Mortgage Applications Index increased 5.4% following an increase of 8.1%. The MBA’s average 30-year mortgage rate decreased to 3.90% from 3.99%. The Job Openings and Labor Turnover Survey showed job openings of 7.051 million in August following a report of 7.174 million. Wholesale inventories increased 0.2% in August following an increase of 0.2%. The EIA’s Weekly Petroleum Status report showed crude oil inventory increasing by 2.927 million barrels following an increase of