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US Indexes Close Higher on Wednesday Despite Impeachment Concerns

The Dow Jones Industrial Average closed at 26,970.71 on Wednesday with a gain of 162.94 points or 0.61%. The S&P 500 closed at 2,984.87 for a gain of 18.27 points or 0.62%. The Nasdaq Composite closed at 8,077.38 for a gain of 83.76 points or 1.05%. The VIX Volatility Index was lower at 15.96 for a loss of 1.09 points or -6.39%.

Wednesday's market movers

U.S. indexes closed higher Wednesday following several flat to down days. On Tuesday evening, House Speaker Nancy Pelosi announced the House of Representatives would be launching a presidential impeachment inquiry and investigation. On Wednesday, the White House released a transcript of a July Ukraine call at the center of the investigation. The House will be investigating the call and dealings with Ukraine in relation to a request for information by the president about Joe Biden, another 2020 presidential candidate, and his son.

Comments from President Trump expressing the possibility of a near-term trade deal with China helped indexes to rally in the afternoon. Nike (NYSE:NKE) also helped stock demand Wednesday after reporting a strong first-quarter earnings report Tuesday that beat earnings per share estimates by 15 cents and revenue estimates by $230 million. Nike's stock was up 4.16% on Wednesday.

In the S&P 500, the technology, consumer discretionary and financial sectors led gains. In the Dow Jones Industrial Average, the following stocks led gains:

  • Nike (NYSE:NKE) 4.16%
  • Intel (NASDAQ:INTC) 2.41%
  • Dow (NYSE:DOW) 2.32%
  • Apple (NASDAQ:AAPL) 1.45%
  • Microsoft (NASDAQ:MSFT) 1.44%

Economic reports affecting market trading included the following:

  • The MBA Mortgage Applications Index decreased 10.1% following a decrease of 0.1%. The MBA's average 30-year mortgage rate increased to 4.02% from 4.01%.
  • Federal Reserve officials Evans, George, Brainard and Kaplan all had public speeches on Wednesday.
  • New home sales increased 7.1% in August following a decrease of 8.6%. The seasonally adjusted annual rate for new home sales increased to 0.713 million from 0.666 million.
  • The EIA's Weekly Petroleum Status report showed crude oil inventory increasing 2.412 million barrels after an increase of 1.058 million barrels.
  • The Treasury held an auction for five-year notes at a rate of 1.600%.
  • The United Nations General Assembly event continued in New York, lasting from Monday to Friday of this week.

Small-cap stocks

In small caps, the Russell 2000 closed at 1,550.65 for a gain of 17.07 points or 1.11%. The S&P 600 closed at 962.76 for a gain of 12.70 points or 1.34%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,868.32 for a gain of 86.36 points or 0.88%. The Dow Jones U.S. Small-Cap Value Index closed at 9,531.25 for a gain of 141.99 points or 1.51%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,947.43 for a gain of 21.75 points or 1.13%; the S&P 100 at 1,318.62 for a gain of 9.86 points or 0.75%; the Nasdaq 100 at 7,803.54 for a gain of 93.50 points or 1.21%; the Russell 3000 at 1,750.19 for a gain of 11.52 points or 0.66%; the Russell 1000 at 1,649.69 for a gain of 10.34 points or 0.63%; the Wilshire 5000 at 30,536.86 for a gain of 205.27 points or 0.68%; and the Dow Jones U.S. Select Dividend Index at 727.35 for a gain of 4.92 points or 0.68%.

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This article first appeared on GuruFocus.