US Stocks End Slightly Higher Amid Economic Indicators

Strategic Insights -

Investors in the US cautiously approached trading on Wednesday, keeping a close eye on key economic indicators set to be released later in the week. The blue-chip Dow Jones Industrial Average managed to eke out a gain, despite earlier experiencing losses of up to 41 points. The tech sector, however, underperformed due to weakness in Intel stock. Meanwhile, the tech-heavy Nasdaq composite index declined, while the Standard and Poor's 500-stock index ended the day in a positive territory.

Key Takeaways:

  • The Dow Jones Industrial Average gained 1.69 points, or 0.02 percent, to close at 10,593.11 on a trading volume of 1.62 billion shares.
  • Wal-Mart's decision to raise its dividend by 44 percent sparked a late rally, contributing to the Dow's narrow gain.
  • The tech-heavy Nasdaq composite index fell 6.29 points, or 0.31 percent, to close at 2,033.36 on a trading volume of 1.75 billion shares.
  • The Standard and Poor's 500-stock index increased 1.93 points, or 0.17 percent, to close at 1,151.03.
  • Intel's weakness contributed to the decline in the tech sector.
  • The Institute for Supply Management reported a decline in its index of retail, financial services, construction, and other non-manufacturing businesses, from 65.7 in January to 60.8 in February.
  • The Fed's beige book showed minimal but still some improvement in the economy.
  • Services account for about 85 percent of the US economy.
  • The 10-year Treasury note fell about 1/4 point, or $2.50 for each $1,000 invested, for a 4.08 percent yield.
  • The dollar traded at 110.165 yen compared to 110.11 the previous day, and the euro fell to $1.2122 from $1.2217.

Statistics:

  • Dow Jones Industrial Average: 1.69-point gain, or 0.02 percent, on a trading volume of 1.62 billion shares.
  • Nasdaq composite index: 6.29-point decline, or 0.31 percent, on a trading volume of 1.75 billion shares.
  • Standard and Poor's 500-stock index: 1.93-point increase, or 0.17 percent, to close at 1,151.03.
  • Institute for Supply Management's index: declined from 65.7 in January to 60.8 in February.
  • Services' contribution to the US economy: about 85 percent.
  • 10-year Treasury note yield: 4.08 percent.
  • Dollar-yen exchange rate: 110.165 yen compared to 110.11 the previous day.
  • Euro-dollar exchange rate: $1.2122 compared to $1.2217.

Sources:

  • UPI (United Press International) - "US Stocks End Slightly Higher Amid Economic Indicators"
  • Institute for Supply Management - "Non-Manufacturing Business Activity Index"
  • Federal Reserve - "Beige Book"