U.S. Markets closed

US Market Indexes Lower Following Fed Minutes

- By Julie Young

U.S. market indexes were lower on Wednesday.

For the day, the Dow Jones Industrial Average closed at 20,648.15 for a loss of 41.09 points or 0.20%. The Standard & Poor's 500 closed at 2,352.95 for a loss of 7.21 points or 0.31%. The Nasdaq Composite closed at 5,864.48 for a loss of 34.13 points or 0.58%. The VIX Volatility Index was higher at 12.89 for a gain of 1.10 points or 9.33%.

Wednesday's market movers

Investor concerns continued over overvalued stocks. The Fed's plans to decrease its $4.5 trillion balance sheet outlined in its meeting minutes released Wednesday afternoon also affected stock valuations. Economic reports on Wednesday included the following:

  • The Mortgage Bankers Association's mortgage applications index decreased by -1.6% for the week.
  • The ADP private sector employment report beat estimates with an increase of 263,000 jobs for March.
  • The PMI Services Index decreased to 52.8.
  • The ISM Non-Manufacturing Index decreased to 55.2.

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

  • JPMorgan (JPM) -1.28%.
  • Cisco (CSCO) -1.23%.
  • IBM (IBM) -0.94%.
  • Boeing (BA) -0.91%.
  • Goldman Sachs (GS) -0.70%.

Small-cap stocks

In small-caps, the Russell 2000 Index closed at 1,352.14 for a loss of 16.03 points or 1.17%. The S&P 600 Small-Cap Index closed at 819.49 for a loss of 9.30 points or 1.12%. The Dow Jones Small-Cap Growth TSM Index closed at 8,120.31 for a loss of 80.83 points or 0.99%. The Dow Jones Small-Cap Value TSM Index closed at 9,462.11 for a loss of 95.05 points or 0.99%.

Other notable indexes

Other notable index closes included the S&P 400 Mid-Cap Index at 1,694.79 for a loss of 13.14 points or 0.77%; the S&P 100 Index at 1,043.71 for a loss of 3.50 points or 0.33%; the Russell 3000 Index at 1,392.46 for a loss of 5.75 points or 0.41%; the Russell 1000 Index at 1,303.57 for a loss of 4.57 points or 0.35%; and the Dow Jones U.S. Select Dividend Index at 649.80 for a loss of 1.30 points or 0.20%.

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This article first appeared on GuruFocus.