The Dow Jones Industrial Average closed at 26,180.30 on Wednesday with a gain of 545.29 points or 2.13%. The S&P 500 closed at 2,813.89 with a gain of 58.44 points or 2.12%. The Nasdaq Composite closed at 7,570.75 with a gain of 194.79 points or 2.64%. The VIX Volatility Index was lower at 16.46 for a loss of -3.45 points or -17.33%.
Wednesday’s market movers
U.S. market indexes reported a third day of consecutive closing gains. Results from the midterm elections showed the Democrats taking majority in the House of Representatives while the Republicans held on to their majority position in the Senate. In other political news, Jeff Sessions also resigned as attorney general.
Investors were more bullish Wednesday with a divided Congress and no rate change expected from the Federal Reserve’s monetary policy meeting, which ends Thursday. In the S&P 500, all sectors gained with health care and technology leading for the day. On the earnings calendar, Office Depot (NASDAQ:ODP) led gains with a 1 cent earnings beat and increase of 24%.
Economic reports affecting market trading included the following:
The Fed’s Consumer Credit report showed an increase of $10.92 billion in outstanding consumer debt. The Mortgage Bankers Association’s mortgage applications index decreased -4% after a -2.5% decrease in the previous week. The Treasury held an auction for 30-year bonds at a rate of 3.418%.
In the Dow Jones Industrial Average, the following stocks led gains:
In small caps, the Russell 2000 closed at 1,579.26 for a gain of 23.16 points or 1.49%. The S&P 600 closed at 992.06 for a gain of 11.79 points or 1.20%. The Dow Jones Small-Cap Growth TSM Index closed at 9,852.13 for a gain of 178.33 points or 1.84%. The Dow Jones Small-Cap Value TSM Index closed at 9,883.38 for