U.S. Markets closed

US Indexes Close Higher Wednesday

The Dow Jones Industrial Average closed at 24,575.90 on Wednesday with a gain of 369.04 points or 1.52%. The S&P 500 closed at 2,971.61 for a gain of 48.67 points or 1.67%. The Nasdaq Composite closed at 9,375.78 for a gain of 190.67 points or 2.08%. The VIX Volatility Index was lower at 27.89 for a loss of 2.64 points or -8.65%.

Wednesday's market movers

U.S. indexes closed higher Wednesday with a second day showing some strong results in retail. Lowe's (NYSE:LOW) and Target (NYSE:TGT) both beat estimates, following an earnings beat from Walmart (NYSE:WMT) yesterday.

The Federal Reserve's minutes capped some of the day's gains with many of the extreme realities the economy is facing. A Congressional Budget Office report also said the second-quarter gross domestic product could show a decrease of 38% on an annualized basis.

On the earnings calendar:

  • Lowe's (NYSE:LOW): Revenue of $19.68 billion increased 10.9% year over year and beat estimates by $1.35 billion. First-quarter GAAP earnings of $1.76 per share beat estimates by 44 cents and non-GAAP earnings of $1.77 beat estimates by 45 cents. Comparable store sales increased 11.2%, beating the 4% consensus.
  • Target (NYSE:TGT): Revenue of $19.62 billion increased 11.3% year over year and beat estimates by $580 million. First-quarter GAAP earnings of 56 cents beat estimates by 10 cents and non-GAAP EPS of 59 cents beat estimates by 19 cents. Comparable store sales increased 10.8%, beating the 7.50% consensus.
  • Best Buy (NYSE:BBY) will report tomorrow with an earnings per share expectation of 41 cents.

Economic reports affecting market trading included the following:

  • The MBA Mortgage Applications Index decreased 2.6% and the MBA's average 30-year mortgage rate decreased to 3.41% from 3.43%.
  • The EIA's Weekly Petroleum status report showed crude oil inventory down 4.983 million.
  • The Treasury held its first auction for 20-year bonds since 1986. The bonds auctioned at a rate of 1.22%.

In the S&P 500, energy and financials led gains. In the S&P 100, the following stocks led gains:

  • Halliburton (NYSE:HAL) 7.13%
  • Facebook (NASDAQ:FB) 6.43%
  • Schlumberger (NYSE:SLB) 6.43%
  • Disney (NYSE:DIS) 5.62%
  • Intel (NASDAQ:INTC) 4.78%
  • Morgan Stanley (NYSE:MS) 4.77%
  • Union Pacific (NYSE:UNP) 4.58%
  • American Express (NYSE:AXP) 4.39%
  • Occidental Petroleum (NYSE:OXY) 4.31%
  • Chevron (CVX) 4.10%

Small-cap stocks

In small caps, the Russell 2000 closed at 1,345.65 for a gain of 37.93 points or 2.90%. The S&P 600 closed at 771.25 for a gain of 23.47 points or 3.14%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,333.11 for a gain of 232.58 points or 2.56%. The Dow Jones U.S. Small-Cap Value Index closed at 6,406.14 for a gain of 207.70 points or 3.35%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,688.63 for a gain of 36.00 points or 2.18%; the S&P 100 at 1,366.99 for a gain of 22.89 points or 1.70%; the Nasdaq 100 at 9,485.02 for a gain of 186.47 points or 2.01%; the Russell 3000 at 1,724.97 for a gain of 30.08 points or 1.77%; the Russell 1000 at 1,639.47 for a gain of 27.40 points or 1.70%; the Wilshire 5000 at 30,133.35 for a gain of 517.91 points or 1.75%; and the Dow Jones U.S. Select Dividend Index at 562.75 for a gain of 10.05 points or 1.82%.

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This article first appeared on GuruFocus.