The Dow Jones Industrial Average closed at 26,833.95 on Wednesday with a gain of 45.85 points or 0.17%. The S&P 500 closed at 3,004.52 for a gain of 8.53 points or 0.28%. The Nasdaq Composite closed at 8,119.79 for a gain of 15.50 points or 0.19%. The VIX Volatility Index was lower at 14.05 for a loss of 0.41 points or -2.84%.
Wednesday's market movers
U.S. indexes closed higher for a second day this week as investors continued to watch earnings results during one of the third quarter's busiest reporting weeks. Top results on Wednesday included the following:
- Caterpillar (NYSE:CAT): Revenue of $12.76 billion decrased 5.6% year over year and missed estimates by $730 million. Third-quarter GAAP earnings per share of $2.66 missed estimates by 20 cents and non-GAAP earnings of $2.66 per share missed estimates by 24 cents.
- Boeing (NYSE:BA): Revenue of $19.98 billion decreased 20.6% year over year, but was in line with estimates. Third-quarter GAAP earnings per share of $2.05 missed estimates by 51 cents and non-GAAP earnings of $1.45 missed estimates by 67 cents.
- Microsoft (NASDAQ:MSFT): Revenue of $33.1 billion increased 13.7% year over year and beat estimates by $860 million. First-quarter GAAP earnings of $1.38 per share beat estimates by 14 cents.
- PayPal (NASDAQ:PYPL): Revenue of $4.38 billion increased 19% year over year and beat estimates by $30 million. Third-quarter GAAP earnings per share of 39 cents beat estimates by 1 cent and non-GAAP earnings of 61 beat estimates by 1 cent.
- General Dynamics (NYSE:GD): Revenue of $9.76 billion increased 7.4% year over year and beat estimates by $10 million. Third-quarter GAAP earnings per share of $3.14 beat estimates by 9 cents and non-GAAP earnings of $3.14 per share beat estimates by 8 cents.
Economic reports affecting market trading included the following:
- The MBA Mortgage Applications Index decreased 11.9%. The MBA's average 30-year mortgage rate decreased to 4.02% from 3.92%.
- The FHFA House Price Index increased 0.2% following an increase of 0.4%.
- The EIA's Weekly Petroleum Status report showed crude oil inventory decreasing by 1.699 million barrels following an increase of 9.281 million barrels.
- The Treasury held an auction for five-year notes at a rate of 1.570%.
In the S&P 500, energy and materials led gains. In the S&P 100, the following stocks led gains and losses:
- Facebook (NASDAQ:FB) 2.12%
- Merck (NYSE:MRK) 1.93%
- Netflix (NASDAQ:NFLX) 1.73%
- Texas Instruments (NASDAQ:TXN) -7.48%
- General Dynamics (NYSE:GD) -3.49%
In small caps, the Russell 2000 closed at 1,552.86 for a gain of 1.99 points or 0.13%. The S&P 600 closed at 963.82 for a gain of 2.41 points or 0.25%. The Dow Jones U.S. Small-Cap Growth Index closed at 9,824.68 for a loss of 5.09 points or -0.05%. The Dow Jones U.S. Small-Cap Value Index closed at 9,626.50 for a gain of 43.65 points or 0.46%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,948.71 for a gain of 1.63 points or 0.084%; the S&P 100 at 1,330.97 for a gain of 3.38 points or 0.25%; the Nasdaq 100 at 7,889.47 for a gain of 14.86 points or 0.19%; the Russell 3000 at 1,758.39 for a gain of 4.54 points or 0.26%; the Russell 1000 at 1,657.81 for a gain of 4.43 points or 0.27%; the Wilshire 5000 at 30,708.06 for a gain of 78.19 points or 0.26%; and the Dow Jones U.S. Select Dividend Index at 735.12 for a gain of 3.09 points or 0.42%.
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This article first appeared on GuruFocus.