U.S. Markets closed

US Market Indexes Lower With Disappointing Earnings

- By Julie Young

U.S. market indexes were lower on Wednesday.

For the day, the Dow Jones Industrial Average closed at 20,404.49 for a loss of 118.79 points or 0.58%. The Standard & Poor's 500 closed at 2,338.17 for a loss of 4.02 points or 0.17%. The Nasdaq Composite closed at 5,863.03 for a gain of 13.56 points or 0.23%. The VIX Volatility Index was slightly higher for the day at 14.92 with a gain of 0.50 points or 3.47%.

Wednesday's market movers

IBM's (IBM) stock was down 4.8% on Wednesday, and investors were disappointed with the first quarter's income growth rate. Oil prices and energy stocks were also lower.

Economic reports released on Wednesday included the following:

  • The Mortgage Bankers Association's mortgage applications index decreased by -1.8% for the week.
  • The EIA Petroleum Status report showed oil inventories down 1 million barrels for the week. WTI crude oil was down 3.61% to $50.52 per barrel and Brent crude oil was down 3.39% to $53.03 per barrel.
  • The Federal Reserve released its Beige Book which showed an improved labor market and economic growth as modest to moderate.

In the Dow Jones Industrial Average, the following stocks led losses:

  • IBM -4.92%.
  • Chevron (CVX) -1.37%.
  • Caterpillar (CAT) -0.97%.
  • JPMorgan (JPM) -0.82%.
  • Goldman Sachs (GS) -0.70%.

Small-cap stocks

In small-caps, the Russell 2000 Index closed at 1,367.13 for a gain of 5.24 points or 0.38%. The S&P 600 Small-Cap Index closed at 830.24 for a gain of 4.05 points or 0.49%. The Dow Jones Small-Cap Growth TSM Index closed at 8,198.86 for a gain of 35.71 points or 0.44%. The Dow Jones Small-Cap Value TSM Index closed at 9,542.07 for a gain of 9.55 points or 0.10%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,704.75 for a gain of 3.92 points or 0.23%; the S&P 100 Index at 1,033.34 for a loss of 3.18 points or 0.31%; the Russell 3000 Index at 1,387.43 for a loss of 1.36 points or 0.10%; the Russell 1000 Index at 1,297.30 for a loss of 1.79 points or 0.14%; and the Dow Jones U.S. Select Dividend Index at 651.20 for a loss of 1.16 points or 0.18%.

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This article first appeared on GuruFocus.