U.S. Markets closed

US Indexes Close Higher Wednesday After 2 Days of Losses

The Dow Jones Industrial Average closed at 27,911.30 on Wednesday with a gain of 29.58 points or 0.11%. The S&P 500 closed at 3,141.63 for a gain of 9.11 points or 0.29%. The Nasdaq Composite closed at 8,654.05 for a gain of 37.87 points or 0.44%. The VIX Volatility Index was lower at 14.99 for a loss of 0.69 points or -4.40%.

Wednesday's market movers

U.S. indexes closed higher Wednesday after two days of losses. The Federal Open Market Committee ended its two-day December policy meeting, releasing a statement that reported no change to the federal funds rate. The FOMC also suggested an improved outlook for the economy and said it plans to hold rates steady. The Fed's current federal funds rate is targeted at 1.50% to 1.75%.

Economic reports affecting market trading included the following:

  • The MBA Mortgage Applications Index increased 3.8% following a decrease of 9.2%. The MBA's average 30-year mortgage rate increased to 3.98% from 3.97%.
  • The Consumer Price Index increased 0.3% in November following an increase of 0.4%. Year over year, the Consumer Price Index increased 2.1%.
  • The Core Consumer Price Index, excluding food and energy, increased 0.2% in November. Year over year, the Core Consumer Price Index increased 2.3%.
  • The EIA's Weekly Petroleum Status Report showed crude oil inventory up 0.6 million barrels to 1082.9 million barrels.
  • The Treasury's Monthly Budget Statement reported a deficit of $209 billion in November.
  • The FOMC released economic projections and left its federal funds rate unchanged at 1.75%, also holding a post-meeting press conference with Jerome Powell.

In the S&P 500, materials and technology led gains. In the Dow Jones Industrial Average, the following stocks led gains:

  • United Technologies (NYSE:UTX) 1.31%
  • Disney (NYSE:DIS) 1.02%
  • Intel (NASDAQ:INTC) 0.85%
  • Apple (NASDAQ:AAPL) 0.85%
  • Caterpillar (NYSE:CAT) 0.79%

Small-cap stocks

In small caps, the Russell 2000 closed at 1,631.93 for a gain of 0.21 points or 0.01%. The S&P 600 closed at 999.04 for a gain of 0.17 points or 0.017%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,401.72 for a gain of 12.03 points or 0.12%. The Dow Jones U.S. Small-Cap Value Index closed at 9,758.36 for a loss of 6.07 points or -0.06%

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 2,015.75 for a gain of 4.00 points or 0.20%; the S&P 100 at 1,400.83 for a gain of 4.07 points or 0.29%; the Nasdaq 100 at 8,402.61 for a gain of 48.32 points or 0.58%; the Russell 3000 at 1,841.25 for a gain of 4.52 points or 0.25%; the Russell 1000 at 1,735.49 for a gain of 4.55 points or 0.26%; the Wilshire 5000 at 32,107.88 for a gain of 77.83 points or 0.24%; and the Dow Jones U.S. Select Dividend Index at 737.21 for a gain of 1.52 points or 0.21%.

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This article first appeared on GuruFocus.