U.S. markets closed

US Indexes Close Mostly Lower Wednesday

The Dow Jones Industrial Average closed at 26,119.61 on Wednesday with a loss of 170.37 points or -0.65%. The S&P 500 closed at 3,113.49 for a loss of 11.25 points or -0.36%. The Nasdaq Composite closed at 9,910.53 for a loss of 14.66 points or 0.15%. The VIX Volatility Index was lower at 33.57 for a loss of 0.100 points or -0.30%.

Wednesday's market movers

U.S. indexes retreated Wednesday after a three-day rally. From the major indexes, only the Nasdaq closed higher. The Nasdaq was helped by biotech, with some reports showing the steroid drug dexamethasone is increasing the recovery rate in some coronavirus cases.

On Capital Hill, Federal Reserve Chair Jerome Powell testified before a House Committee. His comments suggested a v-shaped recovery may not be likely as it could take an extended time for the economy to get back to normal levels. Powell's comments come a few days after the Fed announced it would take an indexed representation approach to its corporate bond buying program, which helped the outlook on credit market stability.

In other news:

  • The MBA Mortgage Applications Index increased 8%. The MBA's average 30-year mortgage rate decreased to 3.30% from 3.38%.
  • Building permits increased 14.4% in May to a seasonally adjusted annual rate of 1.22 million. Housing starts increased 4.3% in May to a seasonally adjusted annual rate of 0.974 million.
  • The EIA Weekly Petroleum Status Report showed crude oil inventory up 2.9 million barrels.
  • The Treasury held an auction for 20-year bonds at a rate of 1.314%.
  • President Trump has signed an executive order focused on police reform.

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

  • Occidental Petroleum (NYSE:OXY) -5.87%
  • Oracle (NYSE:ORCL) -5.63%
  • Simon Property Group (NYSE:SPG) -4.98%
  • Lowe's (NYSE:LOW) +3.15%
  • Netflix (NASDAQ:NFLX) +2.63%
  • Abbott Laboratories (NYSE:ABT) +1.29%

Small-cap stocks

In small caps, the Russell 2000 closed at 1,426.53 for a loss of 25.73 points or -1.77%. The S&P 600 closed at 832.20 for a loss of 17.96 points or -2.11%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,894.68 for a loss of 113.70 points or -1.14%. The Dow Jones U.S. Small-Cap Value Index closed at 7,065.41 for a loss of 202.34 points or -2.78%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,798.37 for a loss of 25.07 points or -1.37%; the S&P 100 at 1,426.14 for a loss of 3.96 points or -0.28%; the Nasdaq 100 at 9,982.48 for a gain of 33.11 points or 0.33%; the Russell 3000 at 1,814.91 for a loss of 8.04 points or -0.44%; the Russell 1000 at 1,724.24 for a loss of 6.18 points or -0.36%; the Wilshire 5000 at 31,719.72 for a loss of 148.12 points or -0.46%; and the Dow Jones U.S. Select Dividend Index at 596.56 for a loss of 7.28 points or -1.21%.

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This article first appeared on GuruFocus.